News and Information from Bond Buyer

The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices increased two basis points to 4.48% for the week ended July 2 from 4.46% in the previous week.

Puerto Rico has indicated that September may be the start of the commonwealth government’s monetary defaults.

Standard & Poor's upgraded California's general obligation rating to AA-minus from A-plus.

Illinois Attorney General Lisa Madigan and Comptroller Leslie Geissler Munger want the state courts to provide more clarity on what can be paid without a fiscal 2016 budget in place, including whether the state can meet its payroll.

The holiday week started off with a bang for the municipal bond market — with much of the fireworks coming from outside the continental United States. It ended with a whimper, in a quiet trading day before the national holiday marking the birth of a nation.

*Update: S&P upgrades California to AA-minus (July 2)

Standard & Poor's Ratings Services removed from CreditWatch and raised its rating on California's general obligation debt to AA-minus from A-plus.

Standard & Poor's Ratings Services said it lowered its rating two notches to CCC-minus from CCC-minus on Puerto Rico Aqueduct & Sewer Authority's (PRASA) senior-lien revenue bonds and removed it from CreditWatch with negative implications. The outlook is negative.

Six months after an Indiana school district defaulted on bond payments, Standard & Poor's affirmed its A rating on the bonds and removed them from negative CreditWatch.

Bridge Strategic Partners has become the California Statewide Communities Development Authority's new program administrator.

Michigan Gov. Rick Snyder Thursday appointed a review team to delve into Wayne County’s finances, a day after a state board found the county to be in a probable state of fiscal stress.

The Government Finance Officers Association is encouraging its members to urge their Congress members to support legislation that would allow states to require out-of-state online retailers to collect their sales taxes.

Washington State's compromise 16-year, $16 billion transportation plan includes gasoline tax increase and $5.3 billion of state GO bonds.

Chicago's junk paper offers an enticing opportunity, says one buyside professional who views the city's credit as being on the upswing with a long term solution to its pension woes within reach.

Moody's Investors Service said it has downgraded to Ba2 from Baa1 the underlying rating on Coventry Local School District, Ohio's outstanding general obligation unlimited tax debt and assigned a negative outlook.

Washington Gov. Jay Inslee has signed a state budget into law, avoiding a government shutdown and appropriating money to pay the state's bond debts.

Municipal bond issuers may find healthy demand for $4.9 billion of deals scheduled in the coming week, as investors look to put reinvestment money to work.

Prices of top-quality municipal bonds were steady at mid-session, traders said, in very quiet pre-holiday trade.

Cook County, Ill. President Toni Preckwinkle said she plans to fast track her proposal to raise the sales tax by one percent by calling for a vote this month on the controversial proposal.