News and Information from Bond Buyer

Standard & Poor's dropped Wayne County, Mich.'s limited-tax general obligation rating out of investment grade territory over its weakening financial position and warned of the potential for further deterioration.

Declaring that "our economic engine continues to gain steam," Texas Gov. Greg Abbott called for a new structure to lower the state's debt while increasing spending on transportation by $4 billion per year and cutting taxes.

Prices of top-rated municipal bonds closed out the day weaker, traders said, with some yields five basis points higher on Tuesday.

Oregon Secretary of State Kate Brown becomes the state's next governor after the current governor resigned under pressure in the wake of allegations that his fiancé misused the governor's office.

After years of discussion about how to keep the National Western Stock Show complex in Denver, the city is mapping out an $856.4 million plan to redevelop the area north of downtown.

Wisconsin will leave $108 million of low-interest commercial paper in place instead of paying off it off as planned in the current fiscal year, in a move that will provide near-term relief to help Gov. Scott Walker close a $283 million shortfall; critics call it a scoop and toss.

Standard & Poor's Ratings Services said it raised its long-term rating and underlying rating to A-plus from A on Ocean Shores, Wash.'s general obligation bonds.

The U. S. House Judiciary Committee will hold hearings in the next few weeks to consider making Puerto Rico's public corporations and municipalities eligible for Chapter 9 bankruptcy.

The growing Dallas suburb of Frisco would vote on $268 million of bonds under a proposal that has been sent to the city council for approval.

Almost $3 billion of potential lost revenue from cuts in Maryland gasoline taxes could cripple spending for major transportation projects.

Photos from The Bond Buyer's Texas Public Finance Conference.

La Marque Independent School District's $23 million of debt is on Standard & Poor's watch list for a downgrade after Texas Education Commissioner Michael Williams ordered the district closed.

Leslie Carey Kirk has joined Siebert Brandford Shank & Co. Washington, D.C.'s office as general counsel for the firm.

After 14 years of appointments by ex-Gov. Rick Perry, the Texas Transportation Commission will see its first board members named by Perry's successor Gov. Greg Abbott.

Standard & Poor's Ratings Services said it raised its rating on the New Hampshire Municipal Bond Bank's existing bonds issued under the 2005 resolution two notches to AA from A-plus.

Affluent Scottsdale, Ariz., will offer investors $160 million of top-rated general obligation refunding bonds and $117 million of excise-tax revenue bonds that are doubly tax-exempt in the Grand Canyon State.

In his final speech as president of the Federal Reserve Bank of Philadelphia, Charles Plosser Tuesday stressed the need for the central bank to remain independent so monetary policy stays free of political interference.

Prices of top-shelf municipal bonds were lower at mid-session, traders said, as yields on some maturities were up as much as two basis points.

The Financial Industry Regulatory Authority has fined two firms $370,000 for violating securities rules in their management of Puerto Rico funds, and dinged another firm $50,000 for violating trade reporting requirements.

Puerto Rico reported that the liquidity position of the Government Development Bank of Puerto Rico improved $105 million in January but General Fund revenues came in $19 million short in the same month.