News and Information from Bond Buyer

S&P's multiple notch downgrades of several Puerto Rico bonds to B will have little impact on Puerto Rico's efforts to rebuild its economy and credit, municipal analysts said.

Government

U.S. Bankruptcy Court Judge Steven Rhodes, who oversaw Detroit's historic Chapter 9 bankruptcy, will retire Feb. 18, the court announced Friday.

Ascension Health's sale of two Kansas City, Missouri area hospitals to a for-profit was cleared after Ascension agreed to set aside $20 million in sale proceeds to fund acute indigent medical care, Missouri Attorney General Chris Koster said.

A tax-reform agreement has to be done by the end of the summer or it will not happen during this Congress, House Ways and Means Committee Chairman Paul Ryan said Friday.

Moody's Investors Service and Standard & Poor's both revised Louisiana's outlook to negative on Friday citing the state's growing structural budget imbalance. The changes come ahead of an upcoming $225 million general obligation refunding deal.

Election-year politics and lower oil prices threaten Houston's boomtown image as the city prepares to issue $128 million of hotel occupancy tax and special revenue refunding bonds.

Prices of municipal bonds closed out the week slightly weaker, traders said, with some yields closing a basis point higher.

It looks like it will be pretty quiet trading in the week ahead. Only about $4.6 billion of new municipal bonds are scheduled to be sold during the holiday-shortened week as issuers and underwriters will be watching market conditions closely.

Harvey J. Goldschmid, a former Securities and Exchange Commission member who played a key role in getting the American Bar Association to adopt an ethics rule to prevent municipal bond and other pay-to-play practices, died Feb. 12 at the age 74 from complications of pneumonia.

The New York City Transitional Finance Authority plans a $700 million refunding on Feb. 25 after a two-day retail order period.

Standard & Poor's Ratings Services said it lowered its underlying rating to A from A-plus on Osnaburg Local School District, Ohio's series 2007 general obligation bonds.

Illinois Gov. Bruce Rauner is poised to reveal his plan to erase billions of red ink, with analysts, investors, and budget watchdogs warning that cuts alone aren't likely to solve the state’s long-term structural woes.

Washington state lawmakers' new $15 billion transportation proposal funded with a higher gasolines tax and $4.3 billion of state GO bonds.

Moody's Investors Service said it has upgraded Piney Point Village, Texas's rating to Aa1 from Aa2.

Standard & Poor's Ratings Services said it raised its rating on Hunterdon Central Regional High School District, N.J.'s general obligation debt one notch to AAA from AA-plus.

Standard & Poor's Ratings Services said it has lowered its ratings on Puerto Rico Aqueduct & Sewer Authority's (PRASA) revenue bonds, guaranteed by the Commonwealth of Puerto Rico, by three notches to B from BB.

New Hampshire Gov. Maggie Hassan has proposed a two year budget plan that includes a 6.4% spending increase, but would also cut more than $1 billion from state agency requests.

Prices of top-rated munis were trading slightly lower at midday, traders said, as yields on some maturities were as much as one basis point.