News and Information from Bond Buyer

Arbitration panels ordered UBS Financial Services, Inc. and its subsidiary in Puerto Rico to pay more than $5.44 million to investors in the firm's proprietary closed-end mutual funds that predominantly contained Puerto Rico bonds.

Prices of top-shelf municipal bonds closed steady on Wednesday, according to traders, while bonds of the Puerto Rico Electric Power Authority rallied after it was announced that PREPA and its bondholders had agreed to a debt restructuring plan.

The Puerto Rico Electric Power Authority and its forbearing bondholders reached an agreement Tuesday night that would cut the amount of PREPA's outstanding debt, reduce near-term debt service, and lower interest rates.

Florida's Martin and Indian River counties launched new legal challenges to the private All Aboard Florida passenger train project within days of a scheduled $1.75 billion bond offering.

California lawmakers are getting closer to finding more money for the state's infrastructure with less than two weeks left in the regular legislative session, though deep divides remain.

Standard & Ratings Services said Wednesday its ratings on the Puerto Rico Electric Power Authority (PREPA; CC/Watch Neg) are unchanged following the authority's announcement that it has reached an agreement with its ad hoc bondholder group to restructure its obligations.

The Teamsters union and New England governors are making separate pushes for prompt action on long-term federal transportation funding.

Standard & Poor's Tuesday removed Wayne County's junk rating from Creditwatch Negative, the latest piece of good ratings news tied to the county's consent agreement with the state of Michigan.

Prices of top-shelf municipal bonds were mostly steady at mid-session, according to traders, as the Lower Colorado River Authority deal priced.

Los Angeles selected as U.S. choice to compete with international cities to host the Summer Olympics and Paralympics in 2024.

Kansas revenues ran about $30 million or 6.8% below projections for August, according to state budget director Shawn Sullivan.

Indicator Last Report Forecast Actual ADP Employment Report July: +177,000 Aug.: +201,000 Aug.: +190,000 Productivity Q1: -1.1% Q2: +2.8% Q2: +3.3% Unit Labor Costs Q1: +2.6% Q2: -0.9% Q2: -1.4% Factory Orders June: +2.2% July: +0.9% July: +0.4%

Rhode Island ended fiscal 2015 with a $166.4 million general fund surplus, Gov. Gina Raimondo announced.

Puerto Rico Electric Power Authority bonds were mostly higher in early trading on Wednesday after it was announced that PREPA had reached a tentative agreement on debt restructuring.

About 5,418,600 online job postings appeared on leading Internet job boards in August, an increase of 34,200 from July, the Conference Board reported Wednesday.

New orders for manufactured goods increased 0.4% in July, after gaining a revised 2.2% in June, first reported as a 1.8% increase, the Commerce Department reported Wednesday.

The Dormitory Authority of the State of New York's $1 billion bond issue was priced for institutions late Tuesday after a shortened retail order period.

The pair of new funds will invest in municipal bonds — principally in high quality obligations — that offer federal tax exemption.

New York City business activity "expanded at the slowest rate in five months" in August, as the current business conditions index declined to 51.1, from 68.8 in July, the Institute for Supply Management-New York's Report on Business index, released Wednesday, indicated.