News and Information from Bond Buyer

The Puerto Rico Electric Power Authority has released a restructuring progress report that said PREPA is taking steps to improve bill collections and is assessing possible changes to its rates.

Ferguson, Mo.'s use of reserves to paper over budget deficits prompted a warning from Moody's Investors Service that the city's Aa3 rating could face a downgrade.

A group of Chicago unions, employees and retirees sued Tuesday to overturn pension reforms approved earlier this year, a move that threatens to reverse strides in stabilizing two of the city's four pension funds and the city's credit ratings.

Government

Rhode Island Gov.-elect Gina Raimondo will nominate former Newark, N.J. operative Stefan Pryor to be commerce secretary subject to state Senate confirmation.

Spending on fuel for cars and trucks in 2015 is expected to reach the lowest level in 11 years due to falling pump prices and more efficient engines, according to the Energy Information Administration.

The St. Petersburg, Fla., City Council decides Thursday whether to allow Major League Baseball's Tampa Bay Rays to search for a new stadium location in the region.

The municipal bond market saw some of the last of the big issues priced on Tuesday. Prices of high-quality municipal bonds were stronger, according to Municipal Market Data.

Moody's Investors Service sees a stable outlook for public power in 2015, as an improving U.S. economy outweighs slowing demand for electricity.

Standard & Poor's Ratings Services placed its BB long-term rating on the University of Puerto Rico's (UPR) existing university system revenue bonds on CreditWatch with negative implications.

The National Association of Municipal Advisors is urging the Securities and Exchange Commission to create exemptions from broker-dealer and investment adviser registration for MA firms engaged in activities understood to be normal municipal advisory services.

Ohio-based American Municipal Power Inc. – the largest public owner of the bond-financed Prairie State Energy Campus – plans to refund up to $646 million of debt tied to the controversial project that has angered some local municipal participants over its higher energy costs.

New York City's revised four-year financial plan shows much smaller out-year gaps than projected in June, said state Comptroller Thomas DiNapoli.

Moody's raises its outlook for U.S. airports to positive as economic growth boosts passenger loads.

Long Island's Nassau County now must plug a budget gap after legislators voted unanimously Monday evening to repeal a controversial revenue generating school-zone speed camera program.

Standard & Poor's on Dec. 12 downgraded El Paso County Hospital District's credit to A-plus from AA-minus, citing a weakened cash position.

California's severe drought will cost the state billions of dollars for 2014, but its economy is still doing well, according to municipal analysts at Bank of America Merrill Lynch.

The municipal bond market is seeing some of the last of the big issues being priced on Tuesday. Prices of high-quality municipal bonds were firmer at mid-session, according to Municipal Market Data.

Florida economists said state general revenue collections are stronger than anticipated following their Dec. 15 estimate conference.

Alabama plans to price $508.5 million in highway bonds in mid-January backed by an AAA rating from S&P that could save the state $40 million, the governor said.