News and Information from Bond Buyer

Standard & Poor's Ratings Services said it lowered its rating on Orange Cove Irrigation District, Calif.'s series 2009 and series 2012 water revenue bonds one notch to A from A-plus.

In Fitch Ratings' opinion, Puerto Rico's reported decision to miss an August 1 debt service payment on appropriation-backed debt (not rated by Fitch) due Monday, Aug. 3, is consistent with both the commonwealth's stated intent to restructure its debt and its current liquidity pressures.

Bankruptcies in Detroit, Jefferson County, Ala., and three California cities helped spawn a new breed of activist judges, who may use Chapter 9 cases as the platform not just for reorganizing municipal debt, but also for helping set the stage for turning distressed cities around.

Prices of top-shelf municipal bonds were steady at mid-session as traders prepared for the week's upcoming new issuance, topped by sales from the state of Minnesota and a green bond deal in Washington state.

Port Authority of New York and New Jersey Chairman John Degnan says federal backing is needed in order to advance a stalled Hudson River tunnel project from Amtrak that is being pushed by U.S. Transportation Secretary Anthony Foxx.

Tender rates for the Treasury Department's latest 91-day and 182-day discount bills were higher, as the three-months incurred a 0.075% high rate, up from 0.050% the prior week, and the six-months incurred a 0.165% high rate, up from 0.145% the week before.

Standard & Poor's Ratings Services said it lowered its issuer credit rating one notch to AA-minus from AA on Homewood Public Library District, Ill.

The Treasury Department said Monday it will sell $40 billion of four-week discount bills Tuesday.

Indicator Last Report Forecast Actual Personal Income May: +0.4% June: +0.3% June: +0.4% Consumption May: +0.7% June: +0.2% June: +0.2% Core PCE Prices May: +0.1% June: +0.1% June: +0.1% Construction Spending May: +1.8% June: +0.6% June: +0.1% ISM Manufacturing June: 53.5 July: 53.5 July: 52.7

Construction spending increased 0.1% in June, the Commerce Department said Monday, and is 12.0% above the June 2014 level.

The overall economy grew for the seventy-fourth straight time, while the manufacturing sector expanded for the thirty-first consecutive month, the Institute for Supply Management reported Monday.

Aug. 3, 2015 Northeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Connecticut Aa3/AA/AA 0.34 1.61 2.72 3.64 Delaware Aaa/AAA/AAA 0.27 1.3 2.22 3.13 Maine Aa2/AA/AA 0.28 1.4 2.32 3.24 Maryland Aaa/AAA/AAA 0.27 1.36 2.27 3.14 Massachusetts Aa1/AA+/AA+ 0.29 1.39 2.41 3.36 New Hampshire Aa1/AA/AA+ 0.28 1.38 2.32 3.26 New Jersey A1/A/A 0.92 2.19 3.18 4.07 New York Aa1/AA+/AA+ 0.27 1.32 2.28 3.31 Pennsylvania Aa3/AA+/AA+ 0.49 1.76 2.88 3.76 Rhode Island Aa2/AA/AA 0.35 1.56 2.68 3.57 Vermont Aaa/AA+/AAA 0.27 1.32 2.28 3.17 Dist. of Columbia Aa1/AA/AA 0.31 1.41 2.43 3.37 Puerto Rico B2/BB/BB+ 9.27 11.21 11.33 8.59

7/31/2015 7/24/2015 State # Iss Amount ($000s) # Iss Amount ($000s) Chg in Amt ($000s) Connecticut 5 $568,735 $6 $622,650 -$53,915 Delaware 0 0 0 0 0 Maine 5 152,099 0 0 152,099 Maryland 0 0 0 0 0 Massachusetts 10 102,088 9 85,447 16,641 New Hampshire 0 0 0 0 0 New Jersey 8 97,858 8 66,270 31,588 New York 11 1,317,048 22 1,771,095 -454,047 Pennsylvania 5 344,535 8 448,415 -103,880 Rhode Island 1 15,040 2 27,640 -12,600 Vermont 2 22,545 2 21,725 820 District of Columbia 1 99,030 1 99,030 0 Puerto Rico 0 0 0 0 0

Monday, August 3 Issuer St Description Amount

Monday, August 3 Issuer St Description Amount

Week Of August 10 Issuer St Description Amount

Week Of August 3 Issuer St Description Amount

Day Indicator Last Report Forecast Monday Personal Income May: +0.5% June: +0.3% Monday Consumption May: +0.9% June: +0.2% Monday Core PCE Prices May: +0.1% June: +0.1% Monday Construction Spending May: +0.8% June: +0.6% Monday ISM Manufacturing June: 53.5 July: 53.5 Tuesday Factory Orders May: -1.0% June: +1.8% Wednesday ADP Employment Report June: +237,000 July: +215,000 Wednesday International Trade May: -$41.9B June: -$42.7B Wednesday ISM Non-Manufacturing June: 56.0 July: 56.2 Thursday Initial Jobless Claims 7/25: 267,000 8/1: 271,000 Thursday Continuing Claims 7/18: 2.262M 7/25: 2.240M Friday Nonfarm Payrolls June: +223,000 July: +222,000 Friday Private Payrolls June: +223,000 July: +215,000 Friday Manufacturing Payrolls June: +4,000 July: +5,000 Friday Unemployment Rate June: 5.3% July: 5.3% Friday Avg Hourly Earnings June: unch July: +0.2% Friday Avg Work Week June: 34.5 July: 34.5 Friday Consumer Credit May: +$20.54B June: +$17.0B

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