News and Information from Bond Buyer

Better scrutiny and support could help avert future bankruptcies, say public finance experts Richard Ravitch and James Spiotto.

Standard & Poor's Ratings Services said it revised its outlook to negative from stable and affirmed its BBB-plus ratings on Bridgeview, Ill.'s outstanding general obligation bonds.

CONNECTICUT

As Dallas Area Rapid Transit prepares for a $430 million refunding issue this month, the transit agency is also mapping plans for nearly $1 billion of downtown projects linked to a proposed high-speed rail line and the city’s convention center hotel.

Many major U.S. cities still suffer from the fiscal crisis, despite rising housing prices and the falling national jobless rate, according to a report released Tuesday by the Pew Charitable Trusts.

Moody's Investors Service affirmed Clark County, Nevada's Aa1 rating ahead of plans to price $100 million in general obligation limited tax flood control bonds on Nov. 20.

New Jersey Senate President Stephen Sweeney said Monday that he would submit state legislation that would prop up Atlantic City financially.

For the fourth time, Posey County, Ind. is remarketing $1.26 billion of short-term notes to raise funds for a controversial $2.5 billion fertilizer plant.

The fall meeting of the Municipal CFO Forum slated for Thursday and Friday in Chicago will focus on "financial communications."

A renewed interest in subdivisions that stalled during the recession is likely the main reason the California Debt and Investment Advisory Commission reported doubling of refunding volume in land-secured Mello-Roos bonds from fiscal year 2011-12 to 2012-13, according to government consultant Larry Kosmont.

Fitch Ratings said it has upgraded to BBB-plus from BBB-minus the ratings on Pawtucket, R.I.'s outstanding general obligation bonds: $3.98 million series 2001 and $8.82 million series 2005.

Former Arkansas Treasurer Martha Shoffner will face trial on mail fraud charges after she declined to say in court that she had solicited campaign contributions for her personal use.

Comptroller Scott Stringer and the New York City Pension Funds have launched an initiative to enable shareowners to nominate directors at U.S. companies using the corporate ballot.

Opinion over how to use an abandoned 3-1/2 mile rail corridor in New York City's Queens borough is as diverse as the neighborhoods within its reach, according to a study.

Standard & Poor's Ratings Services said it has lowered its long-term rating on Michigan Public Educational Facilities Authority's series 2010 limited-obligation revenue bonds, issued for New Branches Charter Academy, to BB-minus from BB-plus.

Michigan Gov. Rick Snyder has hired public finance veteran and former New York Lt. Gov. Richard Ravitch to act as senior financial advisor for a new financial review board that will oversee Detroit's finances as the city emerges from bankruptcy.

Fitch placed Paducah Power, Ky., on rating watch negative due to the system's constrained financial position and its link to the troubled Prairie State coal-fired electric generating station in Illionis, which has experienced cost overruns that have impacted the municipal utilities that signed on to the project.

The bond market is closed on Tuesday, but traders have told The Bond Buyer they do not see this holiday impacting trading levels for the rest of the week.

Bruce Cole, the head of Mamtek USA, the firm that triggered Moberly, Missouri's default on $39 million of municipal bonds sold for a failed sucralose plant, received a seven year prison sentence for theft and securities fraud.

Academy Securities, the broker-dealer and certified Disabled Veteran Business Enterprise, has completed a $2 million Series A financing and expanded its board of directors.