News and Information from Bond Buyer

With its emergency manager warning of a possible bankruptcy, the city of Flint is hoping a temporary court ruling allowing it to cut retiree health care benefits will bring some relief to its 2015 budget.

The Treasury Department said Monday it will sell $35 billion of four-week discount bills Tuesday.

The Kansas Department of Transportation will bring $250 million of new money revenue bonds to market for major construction projects under its T-Works program.

As the legal fight over Puerto Rico's Recovery Act heats up, Argentina and Arkansas provide roadmaps to what may lie ahead.

Market participants are gearing up to throw their cash into the primary market this week as July 4th vacations and the World Cup have come to an end, putting focus back onto the market.

Jul. 14, 2014 Northeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Connecticut Aa3/AA/AA 0.15 1.5 2.65 3.7 Delaware Aaa/AAA/AAA 0.09 1.29 2.35 3.39 Maine Aa2/AA/AA 0.12 1.37 2.48 3.52 Maryland Aaa/AAA/AAA 0.11 1.3 2.36 3.4 Massachusetts Aa1/AA+/AA+ 0.12 1.37 2.52 3.61 New Hampshire Aa1/AA/AA+ 0.11 1.35 2.46 3.5 New Jersey Aa3/AA+/AA+ 0.21 1.61 2.72 3.77 New York Aa2/AA/AA 0.11 1.34 2.43 3.56 Pennsylvania Aa2/AA/AA 0.12 1.46 2.65 3.67 Rhode Island Aa2/AA/AA 0.15 1.52 2.7 3.79 Vermont Aaa/AA+/AAA 0.11 1.35 2.42 3.45 Dist. of Columbia Aa2/A+/AA+ 0.13 1.43 2.61 3.68 Puerto Rico Baa3/BB+/BBB- 8.11 9.8 9.46 8

7/11/2014 7/4/2014 State # Iss Amount ($000s) # Iss Amount ($000s) Chg in Amt ($000s) Connecticut 4 $87,832 4 $274,975 -$187,143 Delaware 0 0 3 211,795 -211,795 Maine 0 0 1 43,190 -43,190 Maryland 3 879,745 1 34,795 844,950 Massachusetts 4 27,963 9 303,037 -275,074 New Hampshire 1 76,600 1 76,600 0 New Jersey 5 25,375 11 295,594 -270,219 New York 11 837,257 12 112,613 724,644 Pennsylvania 6 93,495 10 145,385 -51,890 Rhode Island 0 0 0 0 0 Vermont 0 0 4 117,080 -117,080 District of Columbia 1 300,000 1 300,000 0 Puerto Rico 0 0 0 0 0

Monday, July 14 Issuer St Description Amount

Monday, July 14 Issuer St Description Amount

Week Of July 14 Issuer St Description Amount

Week Of July 14 Issuer St Description Amount

Day Indicator Last Report Forecast Tuesday Import Prices May: -0.4% June: +0.3% Tuesday Empire State Manufacturing June: 19.28 July: 17.10 Tuesday Retail Sales May: +0.3% June: +0.6% Tuesday ex-Autos May: +0.1% June: +0.5% Tuesday Business Inventories April: +0.6% May: +0.6% Wednesday PPI May: -0.2% June: +0.2% Wednesday PPI Core May: -0.1% June: +0.2% Wednesday Industrial Production May: +0.6% June: +0.4% Wednesday Capacity Utilization May: 79.1% June: 79.3% Wednesday NAHB Housing Index June: 49 July: 50 Thursday Housing Starts May: 1.001M June: 1.020M Thursday Building Permits May: 991,000 June: 1.040M Thursday Initial Jobless Claims 7/5: 304,000 7/12: 310,000 Thursday Continuing Claims 6/28: 2.584M 7/5: 2.575M Thursday Philly Fed Manufacturing June: 17.8 July: 16.0 Friday U. of Mich. Sentiment June: 82.5 July: 83.0 Friday U. of Mich. Current June: 96.6 July: 97.0 Friday U. of Mich. Expectations June: 73.5 July: 74.0 Friday Leading Indicators May: +0.5% June: +0.5%

ALABAMA

New-issue volume is expected to nearly double this week as a unique $1.4 billion California transportation financing leads off the activity in the primary market following last week's holiday-shortened calendar of deals.

*Update: S&P downgrades Puerto Rico to BB (July 11)

Fitch Ratings dropped Cook County's general obligation rating by one notch to A-plus over the strain of its severely underfunded pension system.

Puerto Rico GO Rating Lowered One Notch To 'BB' Following Debt Legislation; Outlook Negative

Puerto Rico's fiscal year 2014 deficit came in 4.5% lower than budgeted at the start of the year.

Government

Fitch raised its ratings on Tampa, Fla.'s water and sewer revenue bonds to AAA from AA-plus noting the system’s "very strong financial performance."