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Illinois suffered a setback Wednesday when Standard & Poor's revised its outlook on the state's A-minus rating to negative, reflecting analysts' dim view of the state's new budget and concerns over whether retirement benefit reforms will withstand a legal test.

As anticipated, Maryland's large general obligation deal priced Wednesday, picking up aggressive bids that bumped up MMD yields along the mid to long end of the curve.

The Regents of the University of Minnesota will sell $141 million of general obligation bonds Thursday to finance construction of a new ambulatory care center.

Gov. Jerry Brown signed a bill into law on Wednesday that will expand an existing law to require California debt issuers to disclose any direct loans from banks to the California Debt and Investment Advisory Commission.

Internal Revenue Service agents have been raising concerns during audits about tax-exempt bond proceeds that were unspent or weren't spent in a timely manner, Orrick, Herrington & Sutcliffe tax partner Richard Chirls said Wednesday.

Moody's Investors Service has downgraded Atlantic City's (NJ) underlying general obligation rating to Ba1 from Baa2, affecting $245 million of outstanding general obligation parity debt. The outlook remains negative. The outstanding debt is secured by the city's unlimited general obligation tax pledge.

Financial advisor Calvin Grigsby of Grigsby & Associates filed a federal lawsuit against the Shreveport, La., City Council after the city sued his firm accusing him of overbilling financial advisory fees.

Slow sales tax revenue growth for New York counties is a credit negative for the counties, Moody's Investors Service said.

AlliedBarton agreed to pay more than $1.3 million to cover a prevailing-wage discrepancy, New York City Comptroller Scott Stringer said.

Sonia Toledo of Wells Fargo Securities was elected president of the Municipal Forum of New York, heading an all-female slate of officers.

The Municipal Securities Rulemaking Board on Wednesday proposed a revised draft rule to establish the core duties of municipal advisors, tweaking some of the provisions that generated the most controversy in January's first draft.

U.S. District Court Judge Sharon Lovelace Blackburn orders briefs to determine if Jefferson County, Ala.'s bankruptcy appeal will be dismissed.

Standard & Poor's Ratings Services has raised its rating on New York State's general obligation (GO) bonds to 'AA+' from 'AA' and raised its rating on New York State's state appropriation-backed bonds to 'AA' from 'AA-'. The outlook on both ratings is stable.

The Securities and Exchange Commission voted 3-2 on Wednesday to require institutional money market mutual funds to adopt a floating net asset value.