News and Information from Bond Buyer

Standard & Poor's Ratings Services raised its underlying rating to AA-plus from AA on Gravenstein Union Elementary School District, Calif.'s existing general obligation bonds.

Puerto Rico Gov. Alejandro García Padilla is promoting a revised tax and spending proposal to handle a looming budget gap in the coming fiscal year.

Indicator Last Report Forecast Actual Treasury Budget March: -$52.9B April: +146.5B April: +156.7B

The federal government ran a $156.7 billion budget surplus in April, the Treasury Department reported Tuesday.

San Bernardino bondholders suffered a key bankruptcy court defeat this week as the city’s bankruptcy exit plan advances.

The Treasury Department Tuesday auctioned $24 billion of three-year notes with a 1% coupon at a 1.000% yield, a price of par.

Moody's Investors Service said it has upgraded the township of Aleppo, Pa.'s general obligation rating to A3 from Baa1, affecting the township's Series 2011 guaranteed sewer revenue bonds.

The Federal Open Market Committee can begin normalization of monetary policy at any meeting, but it will depend on economic data, Federal Reserve Bank of San Francisco President and CEO John C. Williams repeated Tuesday.

Standard & Poor's Ratings Services said it raised its long-term rating on the E-470 Public Highway Authority, Colo.'s outstanding senior-lien revenue bonds to BBB-plus from BBB.

Prices of top-rated municipal bonds were lower at mid-session, according to traders, with yields on some maturities rising by as much as four basis points.

Jefferson County, Ala., officials traveled to New York to meet the “financial community” and rating agencies on the county’s progress since existing bankruptcy.

New York State saw an $11.4 billion increase in revenue collections for the 2015 fiscal year due mainly to one-time financial settlements and a boost in federal aid, according to a report released on May 12 by Comptroller Thomas DiNapoli.

Standard & Poor's Ratings Services said it lowered its underlying rating on Upper Allegheny Joint Sanitary Authority, Pa.'s sewer revenue debt one notch to A-minus from A.

Arkansas revenues are expected to run about $164 million above the previous forecast in 2015, according to an updated report. However, the new forecast calls for a decline in the fiscal year beginning July 1.

The Treasury Department Tuesday auctioned $40 billion of four-week bills at a 0.010% high yield, a price of 99.999222.

Moody's Investors Service has upgraded the rating of Winterset Community School District in Iowa to A1 from A2.

The municipal market’s credit and rate volatility last month could produce buying opportunities, according to a report from BlackRock Inc.

Household indebtedness grew to $11.85 trillion in the first quarter, up $24 billion from the fourth quarter of 2014, according to the Federal Reserve Bank of New York's Household Debt and Credit Report, released Tuesday.

After years of financial problems, the school district of Gary is poised to become Indiana's first local government to be taken over by an emergency financial manager.

Missouri Gov. Jay Nixon has signed off on the bills that make up the state’s $26 billion fiscal 2016 spending plan.