News and Information from Bond Buyer

Government

The Federal Railroad Administration has approved a $967.1 million loan to New York’s MTA for signal system safety improvements along Long Island and Metro-North commuter railroads.

Prices of top-rated municipal bonds finish stronger on Friday, traders said, after nearly $8 billion of new supply came to market during the week.

Louisiana State University on Friday pulled a $114.5 million bond offering that had priced two days earlier after investors withdrew from the deal when concerns emerged over the institution’s financial status.

Chicago Mayor Rahm Emanuel tapped Forrest Claypool, his longtime friend and hand-picked head of the Chicago Transit Authority, as his next chief of staff.

Standard & Poor's Ratings Services said it raised its long-term rating and underlying rating to AA-minus from A-plus on Park City, Utah's existing sales tax revenue bonds.

Maryland Gov. Larry Hogan wants major cost reductions in Purple Line P3 rail proposal or he'll kill the project.

Municipal volume is forecast to plunge in the week ahead, with no negotiated deals bigger than $209 million and only eight issues larger than $100 million.

Wisconsin’s capital finance director, Kevin D. Taylor, resigned after only two years in the job.

Moody's Investors Service said it has upgraded to Aa2 from Aa3 the rating on $675 million of New Hampshire Municipal Bond Bank's (NHMBB, bond bank) 1978 Resolution bonds.

Kansas Gov. Sam Brownback announced $72 million in spending cuts for the fiscal year beginning July 1 after new estimates projected a $400 million budget deficit.

The Puerto Rico Electric Power Authority said that the bondholders' plan to revamp its business and avoid default was overly optimistic on costs.

Increasing foreclosure levels in Atlantic County, N.J., are a credit negative for the government, hit hard by Atlantic City's recent casino struggles, according to Moody's Investors Service.

The Oklahoma House approved a bill that pre-empts local control of oil and gas drilling after an official report linked disposal wells to swarms of earthquakes.

Moody's Investors Service said it downgraded Jefferson Regional Medical Center, Pa.'s (JRMC) bond rating to Baa3 from Baa2 affecting approximately $105 million of outstanding debt issued through the Allegheny County Hospital Development Authority.

The Kentucky International Convention Center will close for two years to complete a $180 million bond-financed expansion within the facility's existing footprint.

Former Detroit Emergency Manager Kevyn Orr is returning to Jones Day, the firm he worked at prior to ushering the city through the nation's largest municipal bankruptcy.

Prices of top-rated municipal bonds were higher at mid-session, traders said, as the market prepares to take a breather next week when only about $3.98 billion of bonds are scheduled to be sold.

Standard & Poor's Ratings Services said it lowered its rating to AA-minus from AA on Clemson University, S.C.'s existing revenue bonds.