News and Information from Bond Buyer

Kentucky's economy has shown the largest year-over-year improvement in our economic health score, helped by a strong labor market. High foreclosure rates and lagging housing prices have dragged New Jersey to the biggest decline.

Standard & Poor's Ratings Services said it lowered its long-term rating and underlying rating on North Texas Municipal Water District's contract revenue debt, issued for its Panther Creek regional wastewater system, one notch to AA-minus from AA.

Standard & Poor's Ratings Services said it raised its underlying rating to AA from AA-minus on Westminster, Calif.'s water system certificates of participation.

Indicator Last Report Forecast Actual Factory Orders May: -1.1% June: +1.8% June: +1.8%

New orders for manufactured goods increased 1.8% in June, after falling a revised 1.1% in May, first reported as a 1.0% decrease, the Commerce Department reported Tuesday.

New York City business activity "expanded at the fastest rate this year" in July, as the current business conditions index increased to 68.8, from 63.1 in June, the Institute for Supply Management-New York's Report on Business index, released Tuesday, indicated.

Municipal bond traders are awaiting Tuesday's competitive sale of $500 million of general obligation bonds by the state of Connecticut and a $924 million green bond deal from Puget Sound Transit.

Standard & Poor's slashed Atlantic City's general obligation credit rating three notches further into junk territory on Aug. 3 citing uncertainty over whether the financially-challenged city can meet its fiscal obligations this year.

Standard & Poor's Ratings Services said it has lowered its rating on $1.0 billion of Puerto Rico Public Finance Corporation (PFC) series 2011A, 2011B, and 2012A bonds to D from CC following a payment default on the bonds as of the close of business Aug. 3, 2015, the first business day following the Aug. 1 stated due date, which fell on a Saturday.

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Minnesota takes competitive bids Wednesday on $1.1 billion of its high-grade general obligation paper to finance projects and refund debt for savings in a deal that marks the state's single largest issuance of general obligation paper.

Texas Attorney General Ken Paxton will face criminal charges for directing clients to a friend's securities advisory firm without registering as a financial advisor. He is the first Texas attorney general to face indictment in more than 30 years.

The PRPFC is paying about $628,000 in interest, according to Government Development Bank for Puerto Rico president Melba Acosta Febo. About $58 million in principal and interest is due Monday.

Moody's Investors Service downgraded the University of West Alabama's bonds to A3 from A2 citing weak financial performance and declining enrollment.