News and Information from Bond Buyer

The Michigan Strategic Fund approved the issuance of $450 million of 30-year bonds to finance a new hockey stadium near downtown Detroit, a transaction that will feature a mix of tax-exempt and taxable debt, a mandatory tender and interest-rate swaps.

Fitch Ratings lowered Southeast Missouri Hospital Association’s ratings two levels to BBB-minus over its operating losses.

The Port Authority of New York and New Jersey passed a resolution authorizing $320 million for the improvement of its Greenville Yard water port in Jersey City, N.J.

The trustee for $6 million of unrated bonds issued for Iowa Wesleyan College will ask a judge to allow it to enter a forbearance agreement with the school ahead of an expected technical default on debt service coverage ratios.

National Association of Bond Lawyers members elected the groups' officers for 2014-2015 on Wednesday during NABL's annual meeting.

Bankruptcies in Jefferson County and Detroit as well as regulatory and enforcement actions have garnered increased scrutiny of the bond market in Washington, and market participants need to better understand the policy-making process, a Treasury Department official said.

All Aboard Florida, a private venture planning new passenger rail service from Orlando to Miami, is encountering headwinds from impacted communities.

Standard & Poor's Ratings Services said it raised its underlying rating to A from A-minus on McClain County Economic Development Authority, Okla.'s educational facilities lease revenue bonds, issued on behalf of McClain County Independent School District No. 15 (Purcell).

Oklahoma's Grand River Dam Authority will issue $400 million of revenue bonds with the benefit of an upgrade to A1 from A2 by Moody's Investors Service.

Mizuho Bank hired John Castanon as a director in its public finance investment banking group.

The Federal Open Market Committee released policy normalization plans that begin with raising the fed funds rate and adjusting the rate by changing the rates it pays on excess reserve balances.

Connecticut Treasurer Denise Nappier called on the state Teachers' Retirement Board to resolve problems highlighted in a critical audit.

The Federal Open Market Committee continued tapering and held interest rates at a zero to 0.25% range, leaving in the phrase about expecting them to remain there for a “considerable time,” it announced Wednesday after its two-day meeting.

Rhode Island and capital city Providence have received federal TIGER grants transportation-related improvement projects.

The credit quality of California's water and sewer utilities will not be significantly impacted by the state's drought, according to Moody's Investors Service.

William Beatty, Washington State's director of securities, became president of the North American Securities Administrators Association on Tuesday.

P3s can often deliver high-cost projects more quickly than wholly public efforts but can't solve the nation's infrastructure deficit alone.

Tuesday's active primary continued on Wednesday, with investors piling into deals across the rating spectrum.

Moody's Investors Service said it has downgraded the rating for Puerto Rico Electric Power Authority's (PREPA) $8.8 billion of power revenue bonds to Caa3 from Caa2.

The New York City Municipal Water Finance Authority upsized its sale of second resolution, fixed-rate, tax-exempt refunding bonds to $300 million.