News and Information from Bond Buyer

Standard & Poor's Ratings Services said it lowered its underlying rating on Stevenson Utilities Board, Ala.'s utility system revenue debt three notches to BBB-minus from A-minus.

Labor market conditions improved slightly as the Kansas City Fed Labor Market Conditions Indicators (LMCI) narrowed to negative 0.47 in November from negative 0.50 in November, according to the Bank.

A lawsuit brought against New Jersey Gov. Chris Christie over lack of payments to the state's pension system is headed to a key court date.

Indicator Last Report Forecast Actual Import Prices Nov.: -1.8% Dec.: -2.9% Dec.: -2.5% Export Prices Nov.: -0.8% Dec.: -1.0% Dec.: -1.2% Retail Sales Nov.: +0.4% Dec.: unch Dec.: -0.9% ex-Autos Nov.: +0.1% Dec.: unch Dec.: -1.0% Business Inventories Oct.: +0.2% Nov.: +0.2% Nov.: +0.2%

Business inventories rose 0.2% to $1.764 trillion in November, while sales were down 0.2% to $1.346 trillion, the Commerce Department reported Wednesday.

In his first state-of-the-state address Gov. Doug Ducey promised to work with legislators to cover a $1 billion budget deficit but said he was "not persuaded by appeals to raise taxes so we can spend more."

The municipal bond market on Wednesday is set for the New York City Transitional Finance Authority to be priced for institutions after a two-day retail order period.

With a dual mandate of price stability and maximum employment, the Federal Reserve has discretion to switch between goals, but Federal Reserve Bank of Philadelphia President and Chief Executive Officer Charles I. Plosser believes the Fed should focus on price stability.

Jan. 14, 2015 Midwest: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Illinois A3/A+/A+ 0.54 2.18 3.24 4.03 Indiana Aaa/AAA/AA+ 0.14 1.24 1.96 2.75 Iowa Aaa/AAA/AAA 0.14 1.25 1.96 2.75 Michigan Aa2/AA/AA 0.17 1.41 2.13 2.93 Minnesota Aa1/AA+/AA+ 0.14 1.22 1.9 2.64 Missouri Aaa/AAA/AAA 0.14 1.19 1.87 2.66 Nebraska NR/AAA/NR 0.14 1.28 2.03 2.84 North Dakota Aa1/AA+/NR 0.15 1.28 2.03 2.83 Ohio Aa1/AA+/AA+ 0.15 1.26 1.99 2.81 South Dakota NR/AA+/AA+ 0.15 1.29 2.06 2.86 Wisconsin Aa2/AA/AA 0.16 1.27 2.03 2.83

1/13/2015 1/6/2015 State # Iss Amount ($000) # Iss Amount ($000) Chg in Amt ($000s) Illinois 16 $785,340 12 $163,505 $621,835 Indiana 4 474,295 1 36,255 438,040 Iowa 3 40,635 7 59,610 -18,975 Michigan 25 631,245 18 282,345 348,900 Minnesota 20 421,057 20 358,915 62,142 Missouri 2 14,535 2 14,535 0 Nebraska 0 0 0 0 0 North Dakota 2 28,100 1 7,545 20,555 Ohio 7 207,090 8 231,150 -24,060 South Dakota 0 0 0 0 0 Wisconsin 10 186,045 10 204,160 -18,115

Wednesday, January 14 Issuer St Description Amount

Wednesday, January 14 Issuer St Description Amount

Wednesday, January 14 Issuer St Description Amount

Week Of January 12 Issuer St Description Amount

CALIFORNIA

MICHIGAN