News and Information from Bond Buyer

Standard & Poor's upgraded California GO bonds to A-plus from A Wednesday, citing voter approval of a rainy-day-fund ballot measure.

Having consolidated control of both the House and Senate for the first time in eight years, Republicans on Wednesday vowed to end the gridlock and begin passing legislation early next year. President Obama urged Congress to move forward with corporate tax reform to help pay for infrastructure improvements – an issue that has some bipartisan support.

The New York City Transitional Finance Authority’s $850 million deal was oversubscribed in institutional pricing after two days of retail order that traders described as “rough.”

San Bernardino voters decided the city should continue to determine police and firefighter pay by a charter formula that effectively ratchets up their pay.

Illinois governor-elect Bruce Rauner will take the helm of a state struggling with battered credit ratings, massive unfunded pension obligations, and an unbalanced budget.

The National Federation of Municipal Analysts has released the first part of a new set of best practices for general obligation bond disclosure that includes separate criteria for state and local securities.

Two governors who were embroiled in their state's fiscal problems were unseated Tuesday on an election day in which many large bond and tax measures were successful.

Transportation proposals were popular with voters during Tuesday's election, with few defeats amid several big-ticket initiatives that passed by wide margins in Texas, California, Maryland, and Wisconsin.

The interim manager of Kentucky's Paducah Power System says he's working on a plan to deal with high costs tied to the Prairie State project in Illinois, while fending off some residents’ suggestion that the utility file for bankruptcy.

Moody's Investors Service said the outcome of Stockton, Calif.'s bankruptcy confirmation hearing is a credit positive for the California Public Employees Retirement System since pension obligations were unimpaired.

Sen. Richard Shelby, R-Ala., the next likely chairman of the Senate Banking Committee following the Republican takeover of the chamber, is expected to push for greater oversight of the Securities and Exchange Commission and to oppose Federal Reserve policy.

Republican Bruce Rauner’s defeat of Illinois Governor Pat Quinn in Tuesday’s election is a positive for Illinois credits investors said, though it will be awhile before bondholders reap any benefits.

Connecticut Treasurer Denise Nappier is in a neck-and-neck race against Trumbull First Selectman Tim Herbst in her bid for a fifth term.

About 5,083,600 online job postings appeared on leading Internet job boards in October, an increase of 11,700 from September, the Conference Board reported Wednesday.

Republicans won enough races in Tuesday's midterm elections to gain control of the Senate - the first time they've controlled both chambers in eight years. At least two Senators who have sponsored bills relating to bonds and state and local finance during the last two years lost their reelection bids.

Municipal bond traders are focused on the New York City Transitional Financing deals' institutional pricing Wednesday, even as they look ahead to Friday's employment situation report. Otherwise there are some large higher education and health deals which may provide some yield.

The U.S. services sector expanded at a slower pace in October as the non-manufacturing business activity composite index was 57.1 in the month, compared to 58.6 in September, on a seasonally adjusted basis, the Institute for Supply Management reported Wednesday.

Gina Raimondo, who as state general treasurer championed a landmark public-pension overhaul law, became Rhode Island's first female governor Tuesday night.