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Transportation should see slow but steady growth through the remainder of 2014, Fitch said in a new sector outlook released Thursday.

If pension obligations are impaired in the Stockton, Calif. bankruptcy case, state lawmakers could respond by closing the door to bankruptcy for California municipalities, State Treasurer Bill Lockyer predicted.

Government

Investors who had been keeping their cash on the sidelines as aggressively priced deals hit the market last week and early this week went in on the $225.79 million of Grand River Dam Authority revenue bonds priced by JPMorgan on Wednesday.

Conroe Independent School District in the northern suburbs of Houston sees strong demand for $150 million of bonds that include refunding and new money.

Moody's Investors Service warned Wednesday it may downgrade Detroit's Ca-rated certificates of participation, saying it expects to resolve the outlook when and if the bankrupt city settles with the bond insurer that wraps the bulk of the certificates.

A switch to a 401(k) retirement plan from its current defined benefit plan would add $42 billion to New Jersey's pension debt, a liberal think tank said Tuesday.

The Civic Committee of the Commercial Club of Chicago said it plans an initiative to promote a dialogue on the consequences should the Illinois Supreme Court overturn pension reforms adopted last year.

Chicago Mayor Rahm Emanuel and the Chicago Public Schools plan to expand early childhood education programs through a $17 million Social Impact Bond.

Members of the Federal Open Market Committee decided the time was appropriate to disseminate information regarding normalization, and they also discussed current forward guidance and what was being implied about liftoff, according to minutes of the meeting, which were released Wednesday.

Moody's Investors Service said it has placed the Detroit's certificates of participation Ca rating on review for possible downgrade.

All Aboard Florida , the proposed private passenger train service between Miami and Orlando, has applied for a $1.75B federal private activity bond allocation.

The Treasury Department auctioned $21 billion of 9-year 101 month notes with a 2 3/8% coupon at a 2.381535% high yield, a price of 99.944558.

Bonds from the Port Authority of New York and New Jersey deal priced Tuesday dominated the secondary market on Wednesday after the bonds became free to trade.

Fitch Ratings has placed the BBB-plus rating on $85.2 million West Shore Area Hospital Authority, Pa., series 2011 A and B issued on behalf of Holy Spirit Health System (HSHS) on Rating Watch Positive.

Former Financial Industry Regulatory Authority vice chairman Stephen Luparello received $5.34 million of total compensation in 2012 — the highest of any of the individuals in The Bond Buyer's annual survey of the compensation levels at 21 industry, self-regulatory, state and local, and muni related groups.

State Auditor General Eugene DePasquale and six central Pennsylvania mayors will discuss local finances in an Oct. 27 roundtable discussion in Harrisburg.