News and Information from Bond Buyer

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Day Indicator Last Report Forecast Tuesday Durable Goods March: +4.0% April: -0.4% Tuesday Durable Goods ex-trans March: -0.2% April: +0.4% Tuesday Consumer Confidence April: 95.2 May: 95.0 Tuesday New Home Sales March: 481,000 April: 510,000 Thursday Initial Jobless Claims 5/9: 274,000 5/16: 270,000 Thursday Continuing Claims 5/2: 2.211M 5/9: 2.208M Thursday Pending Home Sales March: +1.1% April: +1.0% Friday GDP Q4: +2.2% Q1: -0.8% Friday Final Sales Q4: +2.3% Q1: -0.8% Friday Chicago PMI April: 52.3 May: 53.0 Friday Michigan Sentiment April: 95.9 May: 89.9 Friday Current Conditions April: 107.0 May: 100.5 Friday Expectations April: 88.8 May: 83.1

May. 26, 2015 Southwest: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Arizona Aa3/AA+/NR 0.29 1.63 2.6 3.6 Arkansas Aa1/AA/NR 0.24 1.52 2.41 3.39 Colorado Aa1/AA/NR 0.24 1.56 2.48 3.5 Kansas Aa1/AA+/NR 0.22 1.56 2.48 3.46 New Mexico Aaa/AA+/NR 0.22 1.51 2.39 3.39 Oklahoma Aa2/AA+/AA+ 0.26 1.59 2.5 3.5 Texas Aaa/AAA/AAA 0.26 1.57 2.47 3.47 Utah Aaa/AAA/AAA 0.22 1.45 2.3 3.28

5/25/2015 5/18/2015 State Amount ($000s) Iss Amount ($000s) Chg in Amt ($000s) Arizona 4 $77,270 3 $27,745 $49,525 Arkansas 1 4,630 2 8,905 -4,275 Colorado 4 156,045 5 156,155 -110 Kansas 8 192,901 11 135,910 56,991 New Mexico 2 52,875 2 55,260 -2,385 Oklahoma 22 26,340 29 40,525 -14,185 Texas 45 1,040,462 52 1,513,232 -472,770 Utah 0 0 0 0 0

Government

Tucson, Ariz., gets a downgrade and a negative outlook from Fitch Ratings as it prepares to issue $78 million of debt.

Texas franchise tax revenue collections as of the annual May 15 deadline totaled $4.12 billion, which matched projections, state Comptroller Glenn Hegar said.

Chicago’s revamp of its $800 million floating-rate debt restructuring helps its position as it heads into the market with a battered credit, say several buyside participants.

The Central Florida Expressway Authority plans to issue $193 million in bond anticipation notes to provide interim financing for work on the Wekiva Parkway.

The Puerto Rico’s House of Representative’s passage of a more than 50% increase in consumption taxes Thursday was just the first of several anticipated steps aimed at putting the government’s finances in order.

Moody's Investors Service said it has upgraded Kenosha Unified School District 1, Wis.'s general obligation rating to Aa3 from A1.

Volume will drop below $6 billion in the coming week as new issuance tapers off after observance of Memorial Day on Monday.

Moody's Investors Service downgraded WakeMed, N.C.'s bonds to A2 from A1 due to its weakened financial performance.

New Jersey State Senate president Stephen Sweeney used the opening of Memorial Day weekend to call for more transportation investments.

With Illinois lawmakers mired in a budget stalemate as they head into the homestretch of their spring session, Illinois Gov. Bruce Rauner is warning of a lengthy special session.

A U.S. Supreme Court ruling that found fault with Maryland's personal income tax collection scheme will cost localities in the state millions of dollars but may not impact their credit ratings, analysts and government officials said.

Prices of top-quality municipal bonds finished steady on Friday in an abbreviated trading session as the market went into holiday mode ahead of the full close on Monday for Memorial Day.

Few options that could provide enough revenue to increase transportation spending seem politically feasible, Moody’s says in new report.