News and Information from Bond Buyer

Week Of January 26 Issuer St Description Amount

Standard & Poor's has revised its outlook on Columbia College Chicago's underlying BBB-plus rating to negative from stable over its operational struggles and management turnover.

Chicago's O'Hare International Airport reclaimed the title of world's busiest airport in 2014 a decade after ceding the status to Atlanta's Hartsfield-Jackson Memorial Airport.

Standard & Poor's lowered the outlook on Arizona State University's AA rating based on prospects for increased debt issuance over the next two years, the agency said.

The PFM Group of companies has promoted senior professionals Kari L. Blanchett, Matthew Eisel and Laura Franke to managing director roles.

The Georgia Supreme Court holds oral arguments Feb. 3 in three appeals opposing the public financing for the Atlanta Braves’ new stadium in Cobb County.

Lower natural gas prices are a credit negative for local governments in gas-rich areas of Pennsylvania because the will pressure impact fees, said Moody's.

Moody's Investors Service downgraded healthcare giant Catholic Health Inititiatives to A2 from A1 after a year of declining operating performance.

Government

The Republican-controlled Utah Legislature is considering an increase in the gasoline tax to close an $11.3 billion funding gap for transportation through 2040.

The Kentucky State Property and Buildings Commission plans to proceed with this week's pricing of $385.5 million in bonds, weather permitting.

Wisconsin must close a $283 million gap this year and erase another $648 million more of red ink in following two years to keep its books balanced, according to the latest revenue forecast that will guide the crafting of a new two year spending plan.

The Commonwealth of Puerto Rico has a long history of fiscal uncertainty and structural deficits. Responding to decades of general fund deficits in 2014, the rating services lowered the ratings on the Commonwealth’s general obligation credit to below investment grade, or junk status.

The municipal bond market weathered Monday's snowstorm with mixed results as some deals such as the $1 billion Pennsylvania general obligation bond competitive sale were postponed while others such as the Utah Transit Authority's $832 million offering remained on track.

New Maryland Gov. Larry Hogan included funding for the state's two light rail P3 projects in his fiscal 2015 budget.

The biggest competitive municipal bond sale on this week’s calendar – the $1 billion general obligation sale from Pennsylvania, which was scheduled to go up for bidding at 11 a.m., EST, tomorrow -- has been re-scheduled because of the snow storm in the Northeastern U.S.

The Port Authority of New York and New Jersey has selected global commercial real estate services firm Cushman and Wakefield to serve as the exclusive retail agent for its Manhattan bus terminal.

The municipal bond market calendar seems to be weathering the storm today. While some issuers have postponed their deals, the Pennsylvania bond sale and the Utah Transit Authority sales currently remains on track. Meanwhile, prices of high-quality municipal bond were unchanged at mid-session.

Utah Transit Authority is pricing the largest deal in its history with $831.6 million of bonds designed to smooth debt service through the end of this decade.