News and Information from Bond Buyer

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Government

The Puerto Rico Electric Power Authority, the public corporation with more than $9 billion of debt that is working with bondholders on a plan to revamp its operations, said it hired Goldman Sachs as a "potential underwriter" to work with its advisors on a "potential financing transaction."

Two bills that passed in the Texas Senate would increase funds to shield military bases from the next round of closures or help them convert to civilian uses.

After Puerto Rico’s House of Representatives voted down a proposed tax reform that would have increased revenues, some legislators called for alternate approaches to balancing the government’s books.

The Massachusetts Pension Reserves Investment Management board has received an award for financial reporting excellence from the Government Finance Officers Association for the 10th straight year.

Louisiana State University emphasized that it is not filing for bankruptcy; the school was criticized for a clumsy explanation of its financial position, leading to cancellation of a bond deal.

For the week ended April 30, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, increased four basis points to 4.30% from 4.26% from the previous week.

The Port of Beaumont Navigation District that ranks as the largest shipping point for U.S. military cargo gets a Moody’s Investors Service downgrade to A3 from A2 based on recent negative revenue trends.

The design for a new Walk Railroad Bridge in Norwalk remains on schedule, said Connecticut Gov. Dannel Malloy and state transportation Commissioner James Redeker.

Standard & Poor's kept Atlantic City on credit watch negative in a new report released April 30 as the struggling gambling hub seeks short-term options to avoid a long-term bankruptcy.

The bondholders of the Puerto Rico Electric Power Authority announced they had agreed to extend their forbearance for 35 additional days.

Municipal bond volume remained in orbit in April, the ninth straight monthly gain, as issuers were relentless in taking advantage of low interest rates.

Dozens of municipal market groups made the case for preserving tax-exempt bond financing and/or easing certain bond restrictions in documents submitted to the Senate Finance Committee’s tax-reform working groups.

Prices of top-rated municipal bonds finished weaker on Thursday, according to traders, with yields on some maturities up by as much as five basis points. In the primary, the state of Massachusetts’ $550 million sale of general obligation bonds received a good reception from buyers.

Standard & Poor's Ratings Services said it raised its long-term rating on Holly Village, Mich.'s outstanding general obligation debt to A-plus from A.

Standard & Poor's Ratings Services said it raised its long-term rating to BBB-plus from BBB on Concord Metropolitan District, Colo.'s general obligation refunding bonds.

Standard & Poor's Ratings Services said it raised its issuer credit rating to AA-minus from A-plus on San Miguel County Public Library District No. 1, Colo.

Oregon selects the vendors that will collect the vehicle data needed for the nation’s first pay-per-mile road usage program.