News and Information from Bond Buyer

State-run retirement systems faced a $968 billion shortfall in fiscal 2013, up $54 billion from the previous year, according to Pew Charitable Trusts.

“Very strong” fiscal management through the recession won Stafford County, Va., a coveted general obligation bond rating upgrade to triple-A from Standard & Poor's.

This week we look at trends in the DIVER Geo Score for the northeast United States and drill down into New England with a focus on New Hampshire and Vermont.

Amid a tough summer for municipal credits, the Supreme Court decision in favor of subsidies in the Affordable Care Act was good news for the health care sector.

The municipal bond market is preparing for a week that will see more than $8 billion in new issuance, with the bulk of that volume coming into the primary market on Wednesday and Thursday. The market will see action get started on Tuesday, with three good-sized deals coming into play from issuers from the states of Texas and Arizona.

Tuesday, July 14 Issuer St Description Amount

Tuesday, July 14 Issuer St Description Amount

Week Of July 13 Issuer St Description Amount

Indicator Last Report Forecast Actual Treasury Budget May: -$82.4B June: +$51.0B June: +$51.8B

Jul. 14, 2015 Southwest: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Arizona Aa3/AA+/NR 0.37 1.5 2.62 3.63 Arkansas Aa1/AA/NR 0.32 1.39 2.46 3.45 Colorado Aa1/AA/NR 0.32 1.43 2.5 3.53 Kansas Aa1/AA+/NR 0.3 1.43 2.5 3.49 New Mexico Aaa/AA+/NR 0.3 1.38 2.41 3.43 Oklahoma Aa2/AA+/AA+ 0.34 1.46 2.52 3.53 Texas Aaa/AAA/AAA 0.32 1.41 2.5 3.47 Utah Aaa/AAA/AAA 0.3 1.32 2.32 3.31

IOWA

MICHIGAN

7/13/2015 7/6/2015 State Amount ($000s) Iss Amount ($000s) Chg in Amt ($000s) Arizona 2 $264,645 1 $5,990 $258,655 Arkansas 1 2,605 2 3,375 -770 Colorado 2 21,865 2 211,510 -189,645 Kansas 9 60,177 10 119,592 -59,415 New Mexico 5 235,730 1 8,800 226,930 Oklahoma 5 48,955 3 16,190 32,765 Texas 67 2,747,663 44 1,106,870 1,640,793 Utah 0 0 1 41,610 -41,610

Puerto Rican officials called for consensual restructuring of its debt with its creditors at a meeting Monday in midtown Manhattan.

Government

One day after signing into law a new, two-year $72.7 billion state budget, Wisconsin Gov. Scott Walker on Monday formally launched his bid for the Republican nod in the 2016 presidential contest.

Virginia ended fiscal 2015 with its largest-ever year-end surplus, according to Gov. Terry McAuliffe.

Chicago Public Schools is banking on $500 million in state pension help to avoid deeper cost cuts and more borrowing in fiscal 2016, officials said Monday as they released neighborhood school budgets.

Less than two weeks into the 2016 fiscal year, Louisiana Gov. Bobby Jindal has ordered budget reductions and a hiring freeze.

Prices of top-quality municipal bonds closed flat to slightly weaker on Monday, traders said, with yields on some maturities rising one basis point, as the muni market prepared for what will be a busy week. Issues on the calendar include three billion-dollar deals, led by a closely watched sale from Chicago.