News and Information from Bond Buyer

The Metropolitan Pier and Exposition Authority's triple-A Standard & Poor's rating became a victim of the Illinois budget impasse, getting a seven-notch downgrade.

Enrollment declines at the 14 universities in Pennsylvania's State System of Higher Education pressure their operations, said Janney's Alan Schankel.

Standard & Poor's Ratings Services said it has lowered its rating on Metropolitan Pier & Exposition Authority, Ill.'s McCormick Place expansion project bonds (MPEA bonds) to BBB-plus from AAA and placed the rating on CreditWatch with negative implications following the authority's failure to make its required monthly payment to the trustee.

Challenges to $9 billion of bonds to pay for California's $68 billion high speed rail project are far from over.

Indicator Last Report Forecast Actual ADP Employment Report June: +229,000 July: +215,000 July: +185,000 International Trade May: -$40.9B June: -$42.7B June: -$43.8B ISM Non-Manufacturing June: 56.0 July: 56.2 July: 60.3

The Alabama Legislature and Gov. Robert Bentley remain far apart on an operating budget with less than a month to go before the new fiscal year begins.

About 5,384,400 online job postings appeared on leading Internet job boards in July, an increase of 83,700 from June, the Conference Board reported Wednesday.

The U.S. services sector expanded at a faster pace in July as the non-manufacturing business activity composite index was 60.3 in the month, compared to 56.0 in June, on a seasonally adjusted basis, the Institute for Supply Management reported Wednesday.

Municipal bond traders were girding to take on the next wave of supply on Wednesday, while keeping an eye on yields.

While the economy and labor markets are improving, Federal Reserve Board Governor Jerome Powell said Wednesday he hasn't decided if he'll back an increase in short-term interest rates at the next Federal Open Market Committee meeting.

The Treasury Department announce Wednesday it will pay down $3.2 billion of debt with it quarterly refunding, selling $16 billion 30-year bonds, $24 billion 10-year notes and $24 billion three-year notes.

Private-sector employment increased by 185,000 in July, on a seasonally adjusted basis, ADP reported Wednesday.

ILLINOIS

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ARKANSAS

St. Louis is free to spend tax money to fund a new football stadium, according to a St. Louis Circuit Court ruling overturning a city ordinance aimed at requiring such support go to a public vote.

Government