News and Information from Bond Buyer

A recent New Jersey Tax Court ruling that most of the Morristown Medical Center campus did not qualify for a local property tax exemption from 2006 to 2008 is a credit negative for the state's non-profit hospitals, according to Moody's Investors Service.

The District of Columbia and several authorities serving the Washington metropolitan area will host a conference for institutional investors in September, city officials said Monday.

Government

Prices of top-quality municipal bonds closed stronger on Monday, traders said, with yields on some maturities falling by as much as six basis points as geopolitical worries caused a flight to quality.

Bank of America Merrill Lynch closed the first half atop of the underwriting rankings as all of the top 11 firms underwrote more in the first half of this year than in the same period of 2014.

Standard & Poor's, in a comment, said it is not taking action on Illinois' bond rating but is keeping a close eye on stalemated budget negotiations.

Puerto Rico Gov. Alejandro García Padilla signed a bill that will allow the government the option of suspending general obligation bond set-asides early in the fiscal year.

Maine Gov. Paul LePage signed a bill asking voters to approve $85 million of general obligation bonds for transportation.

Virginia will recoup $149 million of the more than $280 million the state spent on a cancelled $1.4 billion toll road P3.

Drexel Hamilton LLC's "vet-with-a-vet" mentoring program has helped the eight-year old broker dealer expand — and is starting have ripple effects outside the firm.

The drop in the forecasts by Federal Open Market Committee members "could translate into a longer period of accommodative monetary policy," according to a Federal Reserve Bank of San Francisco Economic Letter.

Fitch Ratings affirmed Chicago's BBB-plus general obligation rating and removed it rating watch negative though the agency continues to assign a negative outlook.

Assured Guaranty said it increased its capital adequacy in excess of Standard & Poor's Triple-A requirement by about $400 million in the past year.

Prices of top-quality municipal bonds were stronger at mid-session, traders said, with yields on some maturities falling by as much as five basis points as geopolitical worries caused a flight to quality.

Standard & Poor's Ratings Services said it raised its long-term and underlying ratings on Brownstown Charter Township, Mich.'s general obligation bonds and Brownstown Charter Township Building Authority's GO bonds issued for the township to AA-minus from A-plus.

Tender rates for the Treasury Department's latest 91-day and 182-day discount bills were mixed, as the three-months incurred a 0.015% high rate, unchanged from 0.015% the prior week, and the six-months incurred a 0.085% high rate, off from 0.110% the week before.

San Antonio's CPS Energy, one of the largest and most highly rated public utilities in the nation, will lower its interest costs with a $315.7 million revenue bond refunding.

Prices of top-quality municipal bonds were stronger, traders said, with yields on some maturities falling by as much as six basis points as worries about Greece and China caused a flight to quality.

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

Indicator Last Report Forecast Actual ISM Non-Manufacturing May: 55.7 June: 56.3 June: 56.0