News and Information from Bond Buyer

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

Consumers expect inflation to be slightly lower in the coming year, and median household spending growth to be off considerably, according to the Survey of Consumer Expectations, released by the Federal Reserve Bank of New York on Monday.

Moody's Investors Service said it downgraded California Institute of Technology's ratings to Aa2 from Aa1 and assigns a Aa2 rating to the institute's proposed up to $400 million of taxable bonds, Series 2015.

Texas Comptroller Glenn Hegar asked Gov. Greg Abbott and state legislative leaders to keep the state's credit triple-A credit ratings in mind as they consider cutting taxes by nearly $5 billion.

Standard & Poor's Ratings Services raised its rating on Denton, Texas' outstanding general obligation debt and certificates of obligation one notch to AA-plus from AA.

The Federal Reserve's Labor Market Conditions Index, a compilation of 19 labor market measures, slid to negative 1.9 in April from a revised negative 1.8 in March.

The Conference Board's Employment Trends Index climbed to 128.22 in April from a downwardly revised 127.15 in March, and is up 5.8% from a year ago, the group announced Monday.

More than $1.2 billion of the $5.4 billion of bond proposals on Texas ballots went down to defeat in local elections May 9.

Tuesday, May 12 Issuer St Description Amount

Monday, May 11 Issuer St Description Amount

Week Of May 11 Issuer St Description Amount

Week Of May 11 Issuer St Description Amount

Day Indicator Last Report Forecast Tuesday Treasury Budget March: -$52.9B April: 146.5 Wednesday Import Prices March: -0.3% April: -0.3% Wednesday Export Prices March: +0.1% April: +0.1% Wednesday Retail Sales March: +0.9% April: +0.2% Wednesday ex-Autos March: +0.4% April: +0.5% Wednesday Business Inventories Feb.: +0.3% March: +0.2% Thursday Initial Jobless Claims 5/2: 265,000 5/9: 274,000 Thursday Continuing Claims 4/25: 2.228M 5/2: 2.240M Thursday PPI March: +0.5% April: +0.2% Thursday PPI Core March: +0.2% April: +0.1% Friday Empire State Manufacturing April: -1.19 May: +4.5 Friday Industrial Production March: -0.6% April: +0.1% Friday Capacity Utilization March: 78.4 April: 78.4 Friday Michigan Sentiment April: 95.9 May: 96.0 Friday Current Conditions April: 107.0 May: 107.0 Friday Expectations April: 88.8 May: 88.6

May. 11, 2015 Northeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Connecticut Aa3/AA/AA 0.25 1.68 2.58 3.56 Delaware Aaa/AAA/AAA 0.19 1.37 2.19 3.13 Maine Aa2/AA/AA 0.21 1.42 2.29 3.25 Maryland Aaa/AAA/AAA 0.2 1.4 2.22 3.15 Massachusetts Aa1/AA+/AA+ 0.22 1.49 2.37 3.33 New Hampshire Aa1/AA/AA+ 0.22 1.46 2.33 3.25 New Jersey A1/A/A 0.42 2.03 3.09 4.01 New York Aa1/AA+/AA+ 0.2 1.39 2.26 3.31 Pennsylvania Aa3/AA+/AA+ 0.25 1.75 2.65 3.63 Rhode Island Aa2/AA/AA 0.27 1.58 2.51 3.49 Vermont Aaa/AA+/AAA 0.2 1.39 2.26 3.18 Dist. of Columbia Aa1/AA/AA 0.25 1.51 2.42 3.4 Puerto Rico B2/BB/BB+ 8.2 10.38 9.81 8.15

NEW JERSEY

ALABAMA

5/8/2015 5/1/2015 State # Iss Amount ($000s) # Iss Amount ($000s) Chg in Amt ($000s) Connecticut 2 $510,000 $5 $80,950 $429,050 Delaware 0 0 0 0 0 Maine 1 11,190 3 25,475 -14,285 Maryland 5 554,405 5 75,960 478,445 Massachusetts 7 109,521 12 534,692 -425,171 New Hampshire 0 0 0 0 0 New Jersey 5 244,735 9 319,573 -74,838 New York 12 283,192 8 381,135 -97,943 Pennsylvania 19 867,640 13 625,325 242,315 Rhode Island 1 593,655 2 599,780 -6,125 Vermont 1 94,430 0 0 94,430 District of Columbia 0 0 0 0 0 Puerto Rico 0 0 0 0 0

Standard & Poor's Ratings Services has placed its 'A-' GO rating, 'BBB+' appropriation-backed rating, and 'BBB-' moral obligation rating on the State of Illinois on CreditWatch with negative implications following the Illinois Supreme Court's ruling that struck down the pension reform legislation the state legislature passed in 2013.

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