News and Information from Bond Buyer

Jul. 27, 2015 Northeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Connecticut Aa3/AA/AA 0.35 1.57 2.7 3.66 Delaware Aaa/AAA/AAA 0.28 1.26 2.2 3.15 Maine Aa2/AA/AA 0.29 1.36 2.3 3.26 Maryland Aaa/AAA/AAA 0.28 1.3 2.25 3.16 Massachusetts Aa1/AA+/AA+ 0.3 1.35 2.39 3.38 New Hampshire Aa1/AA/AA+ 0.29 1.34 2.3 3.28 New Jersey A1/A/A 0.93 2.17 3.16 4.09 New York Aa1/AA+/AA+ 0.28 1.28 2.26 3.33 Pennsylvania Aa3/AA+/AA+ 0.5 1.75 2.86 3.78 Rhode Island Aa2/AA/AA 0.36 1.52 2.66 3.56 Vermont Aaa/AA+/AAA 0.28 1.28 2.26 3.19 Dist. of Columbia Aa1/AA/AA 0.32 1.37 2.41 3.39 Puerto Rico B2/BB/BB+ 9.28 10.27 10.91 8.21

ALABAMA

7/24/2015 7/17/2015 State # Iss Amount ($000s) # Iss Amount ($000s) Chg in Amt ($000s) Connecticut 6 $622,650 $10 $737,885 -$115,235 Delaware 0 0 0 0 0 Maine 0 0 1 2,550 -2,550 Maryland 0 0 1 19,465 -19,465 Massachusetts 9 85,447 4 64,780 20,667 New Hampshire 0 0 0 0 0 New Jersey 8 66,270 9 83,323 -17,053 New York 22 1,771,095 17 1,922,187 -151,092 Pennsylvania 8 448,415 13 153,705 294,710 Rhode Island 2 27,640 2 160,725 -133,085 Vermont 2 21,725 0 0 21,725 District of Columbia 1 99,030 0 0 99,030 Puerto Rico 0 0 0 0 0

Government

Sacramento is set to sell $282 million of bonds to finance a basketball arena after prevailing in a lawsuit challenging the validity of the debt.

Indianapolis won triple-A ratings on its stormwater bonds as it gears up for a $300 million capital plan.

Puerto Rico Electric Power Authority’s proposed partial moratorium on debt payments may foreshadow the commonwealth’s strategy for restructuring the island’s estimated $72 billion of debt.

Municipal bond priced finished out the week on a strong note, traders said, with some yields falling on Friday by as much as one basis point. Volume for the week came in at a revised total of $8.39 billion, according to Thomson Reuters, consisting of $6.82 billion of negotiated deals and $1.56 billion of competitive sales.

The Senate Appropriations Committee approved a bill Thursday that would provide $1.5 billion of funding for the Securities and Exchange Commission in fiscal year 2016, the same amount as the fiscal 2015 enacted level and $222 million less than the commission requested earlier this year.

A Cook County Circuit Court judge declared Chicago’s overhaul of two of its four pension funds to be unconstitutional and void in its entirety.

Senate leaders hope to vote on a $300 billion transportation bill by mid-week as funding cutoff looms.

A memorandum recently issued by Rebecca Harrigal, director of the Internal Revenue Service tax-exempt bond office, provides examiners and managers in the office with interim guidance on conducting audits of Build America Bonds and other direct-pay bonds.

Moody's upgraded Michigan one notch on Friday, citing an improved financial profile, just days after S&P boosted its outlook on the state to positive.

Standard & Poor's Ratings Services said it raised its long-term rating on the town of Ellicott, N.Y.'s general obligation public improvement bonds, series 2008 to A-minus from BBB-plus.

Municipal volume is forecast to slip from what may turn out to be the peak of weekly issuance for the rest of the year.

Moody's Investors Service said it has upgraded to Aa1 from Aa2 the town of Malta, N.Y.'s general obligation debt.

Moody's Investors Service has upgraded the State of Michigan's general obligation rating to Aa1 from Aa2, and the Michigan State Building Authority's (SBA) appropriation debt to Aa2 from Aa3.

After months of review, the Texas Water Development Board approved $3.9 billion in financial assistance from the State Water Implementation Fund for Texas, a voter-approved program known as SWIFT.

Fitch Ratings removed its negative outlook on Connecticut's general obligation bond rating, restoring a stable outlook while affirming its AA rating.