News and Information from Bond Buyer

Standard & Poor's Ratings Services said it raised its underlying rating to AA-minus from A-plus on Zumbrota, Minn.'s series 2009A general obligation sewer and utility revenue refunding bonds.

Municipal bond traders were preparing for a busy Wednesday as the bulk of the week’s offerings will be priced the day ahead of the Federal Reserve’s decision on interest rates.

The New York region’s service sector activity “continued to expand modestly,” according to the Federal Reserve Bank of New York’s September Business Leaders Survey, released Wednesday.

Indicator Last Report Forecast Actual Empire State Manufacturing Aug.: -14.92 Sept.: -1.00 Sept.: -14.67 Retail Sales July: +0.6% Aug.: +0.3% Aug.: +0.2% ex-Autos July: +0.4% Aug.: +0.2% Aug.: +0.3% Industrial Production July: +0.6% Aug.: -0.2% Aug.: -0.4% Capacity Utilization July: 78.0 Aug.: 77.8 Aug.: 77.6 Business Inventories June: +0.8% July: +0.1% July: +0.1%

Sep. 16, 2015 Midwest: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Illinois A3/A+/A+ 0.98 3.22 4.23 5.15 Indiana Aaa/AAA/AA+ 0.23 1.48 2.35 3.32 Iowa Aaa/AAA/AAA 0.23 1.49 2.35 3.32 Michigan Aa2/AA/AA 0.29 1.57 2.48 3.47 Minnesota Aa1/AA+/AA+ 0.24 1.46 2.29 3.24 Missouri Aaa/AAA/AAA 0.23 1.43 2.26 3.23 Nebraska NR/AAA/NR 0.23 1.5 2.4 3.4 North Dakota Aa1/AA+/NR 0.26 1.55 2.43 3.4 Ohio Aa1/AA+/AA+ 0.25 1.51 2.41 3.4 South Dakota NR/AA+/AA+ 0.27 1.54 2.43 3.42 Wisconsin Aa2/AA/AA 0.27 1.55 2.41 3.35

9/15/2015 9/8/2015 State # Iss Amount ($000) # Iss Amount ($000) Chg in Amt ($000s) Illinois 11 $648,177 12 $528,725 $119,452 Indiana 4 23,000 4 21,810 1,190 Iowa 6 29,760 5 47,760 -18,000 Michigan 6 60,645 10 125,880 -65,235 Minnesota 15 120,505 15 86,345 34,160 Missouri 4 117,745 5 92,920 24,825 Nebraska 0 0 0 0 0 North Dakota 0 0 0 0 0 Ohio 11 546,450 2 99,935 446,515 South Dakota 0 0 0 0 0 Wisconsin 25 303,175 22 284,315 18,860

Wednesday, September 16 Issuer St Description Amount

Wednesday, September 16 Issuer St Description Amount

Week Of September 14 Issuer St Description Amount

Week Of September 14 Issuer St Description Amount

CONNECTICUT

ALABAMA

The Puerto Rico Aqueduct and Sewer Authority has reached a tentative settlement with the U.S. Justice Department and Environmental Protection Authority under which it will spend almost $1.54 billion to upgrade and improve its sewer systems island-wide, as well as the Puerto Nuevo system.

Government

New Jersey Governor Chris Christie and New York Governor Andrew M. Cuomo delivered a letter to President Barack Obama Tuesday outlining a framework aimed at achieving funding for a new trans-Hudson commuter rail tunnel.

Connecticut received a $700,000 federal grant to study of transit-oriented development in the Hartford line corridor, which covers New Haven, Hartford and Springfield, Mass.

Dealer groups oppose a Municipal Securities Rulemaking Board proposal to provide academics with muni trade and pricing data with anonymous dealer identifiers while researchers contend the new data will add to market transparency.

The San Francisco Bay Area Rapid Transit District will sell more than $350 million of highly-rated refunding bonds next week to refund bonds issued more than a decade ago.

Prices of top-shelf municipal bonds closed weaker on Tuesday, traders said, with yields on some maturities strengthening by as much as four basis points.