News and Information from Bond Buyer

Standard & Poor's Ratings Services said it has placed its AA-minus rating on Paulsboro Borough, N.J.'s general obligation bonds on CreditWatch with negative implications.

Wisconsin will refund $257 million of general obligation bonds Tuesday and may add another $56 million of forward delivery refunding bonds if the market cooperates.

San Francisco Mayor Ed Lee approved a $500 million general obligation bond measure that will go before voters on Nov. 4.

Construction of a bond-funded bridge project between Detroit and Canada that could cost as much as $4 billion advanced Wednesday when Michigan Gov. Rick Snyder and Canadian officials announced appointments to a pair of new authorities that will oversee construction and financing of the span.

Maryland asks four consortiums for proposals to build and finance $2.4 billion Purple Line commuter rail project.

San Antonio and Bexar County officials have reversed course and called for a voter referendum on a $280 million streetcar project.

The Federal Open Market Committee continued to taper its asset purchases, cutting $5 billion off each its agency mortgage-backed securities and longer-term Treasury securities, and held the 0 to 1/4 percent target range for the federal funds rate.

The federal judge overseeing Detroit's bankruptcy has delayed by one week the key trial in the case, while the city dropped its proposal to hire a post-bankruptcy monitor and FGIC dropped its subpoena of Gov. Rick Snyder

The Treasury Department auctioned $29 billion of seven-year notes, with a 2 1/4% coupon, a 2.250% high yield, a price of par.

The state of Oregon has been taking advantage of market conditions by refunding its outstanding debt at lower interest rates to save around $80 million since 2013, according to Treasurer Ted Wheeler.

The N.C. Eastern Municipal Power Agency inked a deal to sell its generating assets, which requires retiring or defeasing $1.87 billion in outstanding revenue bonds.

The muni market shrugged off this morning's GDP numbers as Treasuries weakened across the curve.

Standard & Poor's Ratings Services said it has lowered its rating on Puerto Rico Infrastructure Financing Authority's series 2011B and 2011C revenue bonds, issued for the port authority project, one notch to BB-minus from BB, and removed the rating from CreditWatch, where it was placed with negative implications on July 1, 2014.

The Treasury Department Wednesday auctioned $15 billion of two-year floating rate notes with a high discount margin of 0.070%, at a 0.070% spread, a price of par.

The amount of debt upgraded in the second quarter of 2014 was greater than the amount of downgraded debt due to upgrades for the states of California and New York, Moody's Investors Service said.

As banks make more loans to lower-rated municipalities, they may have to follow Interagency Guidance on Leveraged Lending that was developed with private and corporate borrowers in mind.

About 5,044,600 online job postings appeared on leading Internet job boards in July, a decrease of 15,500 from June, the Conference Board reported Wednesday.

The Senate adopted legislation that would provide a five-month, $8 billion bailout of the Highway Trust Fund that extends the fund's solvency through mid-December.

Private sector employment increased by 218,000 jobs from June to July according to the ADP National Employment Report.

A light primary calendar gets put on hold as the market awaits two of this week's most important economic events: the GDP report and the FOMC statement.