News and Information from Bond Buyer

Standard & Poor's Ratings Services said it raised its rating to AA-plus from AA on Kalamazoo, Mich.'s outstanding limited-tax general obligation Michigan Transportation Fund (MTF) bonds.

The Treasury Department Tuesday auctioned $40 billion of four-week bills at a 0.020% high yield, a price of 99.998444.

The city of Hammond, Ind. is selling $36.2 million of junk-rated, moral obligation bonds this week backed by payments from a water supply contract with a Chicago suburb that is looking to exit the agreement.

The New York region's service sector activity "expanded modestly," according to the Federal Reserve Bank of New York's December Business Leaders Survey, released Tuesday.

Standard & Poor's Ratings Services said it raised its issuer credit rating on Rockingham County, Va., one notch to AAA from AA-plus.

Standard & Poor's Ratings Services said it lowered its underlying rating on Lyons Village, Ill.'s series 2009A general obligation limited-tax bonds to A-minus from A.

Standard & Poor's Ratings Services said it raised its rating on Monroe County, Mich.'s (Monroe County Board of County Road Commissioners), series 2005 limited-tax general obligation Michigan Transportation Fund (MTF) bonds and series 2008 MTF notes to AAA from AA.

The municipal bond market is eagerly awaiting the rest of the week's new issue supply as the end of the year slowly approaches.

Indicator Last Report Forecast Actual Housing Starts Oct.: 1.045M Nov.: 1.040M Nov.: 1.028M Building Permits Oct.: 1.092M Nov.: 1.060M Nov.: 1.035M

Indicator Last Report Forecast Actual Empire State Manufacturing Nov.: 10.16 Dec.: 12.40 Dec.: -3.58 Industrial Production Oct.: +0.1% Nov.: +0.7% Nov.: +1.3% Capacity Utilization Oct.: 79.3 Nov.: 79.3 Nov.: 80.1 NAHB Housing Index Nov.: 58 Dec.: 58 Dec.: 57

Dec. 16, 2014 Southwest: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Arizona Aa3/AA+/NR 0.19 1.37 2.28 3.2 Arkansas Aa1/AA/NR 0.14 1.27 2.06 2.97 Colorado Aa1/AA/NR 0.15 1.28 2.17 3.1 Kansas Aa1/AA+/NR 0.14 1.3 2.15 3.06 New Mexico Aaa/AA+/NR 0.14 1.27 2.11 3.03 Oklahoma Aa2/AA+/AA+ 0.15 1.32 2.18 3.1 Texas Aaa/AAA/AAA 0.14 1.26 2.07 3.01 Utah Aaa/AAA/AAA 0.14 1.21 1.98 2.88

12/15/2014 12/8/2014 State Amount ($000s) Iss Amount ($000s) Chg in Amt ($000s) Arizona 2 $695,230 4 $171,505 $523,725 Arkansas 1 3,865 3 11,145 -7,280 Colorado 8 147,890 4 56,060 91,830 Kansas 6 24,903 12 170,468 -145,565 New Mexico 3 32,785 3 96,390 -63,605 Oklahoma 1 18,000 2 28,680 -10,680 Texas 26 625,205 46 2,558,540 -1,933,335 Utah 2 22,810 7 126,315 -103,505

Tuesday, December 16 Issuer St Description Amount

Tuesday, December 16 Issuer St Description Amount

Week Of December 15 Issuer St Description Amount

IOWA

ARIZONA

The Puerto Rico Electric Power Authority said a recently completed business plan had no layoffs but declined to otherwise divulge its contents.

Missouri State Auditor Tom Schweich last week announced guidelines for his planned audit of 10 municipal court systems that includes Ferguson amid growing public and legislative concerns over abuses.

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