News and Information from Bond Buyer

Atlantic City, N.J. has enough cash to meet its August general obligation debt service payments and expects to have sufficient liquidity through October, according to city officials.

A two-year tax extenders bill that includes bond and Puerto Rico provisions and is slated to be voted on Tuesday by the Senate Finance Committee would result in revenue losses of $95.6 billion from FY-2016 to FY-2025.

Puerto Rico's longstanding and deepening fiscal challenges led most closed-end municipal bond funds (CEF) to reduce holdings of the debt of the commonwealth, protecting the majority of these funds from substantial negative effects, says Fitch Ratings.

Moody's Investors Service said it has upgraded to A1 from A3 the rating on the city of Alachua, Fla.'s $7.2 million of non-ad valorem debt outstanding.

Standard & Poor's Ratings Services raised its long-term rating and underlying rating (SPUR) to AA from AA-minus on Dexter, Mich.'s general obligation bonds.

Standard & Poor's Ratings Services said it lowered its long-term rating one notch to A-minus from A on Brent Utilities Board, Ala.'s water and sewer revenue debt.

Prices of top-quality municipal bonds were steady at mid-session, traders said, as the market gears up to take on this week's chunky new issue calendar after last week's busy dealings.

Tender rates for the Treasury Department's latest 91-day and 182-day discount bills were higher, as the three-months incurred a 0.030% high rate, up from 0.015% the prior week, and the six-months incurred a 0.135% high rate, up from 0.100% the week before.

San Antonio will close out July with $450 million of general obligation debt, bringing the month's total to nearly $1 billion.

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

Gov. Charlie Baker appointed the five-member Massachusetts Bay Transportation Authority control board right after signing the $38 billion fiscal 2016 budget.

Gov. Tom Wolf and the Pennsylvania legislature settled nothing over the weekend as the commonwealth's budget, three weeks late, remains unsigned.

CALIFORNIA

Monday, July 20 Issuer St Description Amount

Monday, July 20 Issuer St Description Amount

Week Of July 20 Issuer St Description Amount

ALABAMA

A governor-appointed panel studying Kentucky's $14 billion unfunded teachers' pension liability must find a reasonable solution to the crisis, a top state official said Friday.

The Senate Finance Committee is pressing Treasury Secretary Jack Lew for positions on Puerto Rico, including whether it supports giving the troubled territory the ability to allow its public entities to file for bankruptcy protection under Chapter 9.

The Puerto Rico Aqueduct and Sewer Authority is "optimistic" it can sell a bond by the end of August, raising money to repay a bank line and make capital improvements.