News and Information from Bond Buyer

Rhode Island Gov. Lincoln Chafee nominated policy director Steve Hartford for director of administration to replace Richard Licht, who will become a judge.

Fitch Ratings drew objections from Puerto Rico's government and mixed opinions from analysts for downgrading a wide array of the island's bonds.

Standard & Poor's Ratings Services said it raised its long-term rating on Wells, Minn.'s general obligation bonds to A-plus from A.

Ceding to the city, the San Bernardino Police Officer's Association decided not to ask the bankruptcy judge to set a deadline for the city to file a plan of adjustment in a filing Monday.

Puerto Rico Resident Commissioner Pedro Pierluisi is exploring whether Congress might be willing to amend the federal bankruptcy code to allow government-owned corporations in Puerto Rico to file for bankruptcy.

The second half of 2014 promises more positive returns for municipal bonds even as investors react to declining credit quality in Puerto Rico, according to midyear analyst reports.

Tax-exempt money market funds raked in $6.22 billion, the biggest weekly inflow in five years, as total net assets rose to $258.75 billion in the week ended July 7, according to The Money Fund Report, a service of iMoneyNet.com.

Triple-A rated Maryland later this month will sell about $900 million of general obligation bonds, including up to $100 million of them during its first retail order period since August 2012. The retail period will be held on July 18 and 21.

Detroit's settlement with its limited-tax general obligation bondholders would repay them 34 cents on the dollar, the lowest recovery rate reached in a deal so far in the case.

A federal judge agreed to reopen a Department of Justice housing discrimination suit against the Louisiana State Bond Commission.

The Treasury Department Thursday auctioned $13 billion of 29-year 10-month bonds with a 3 3/8% coupon at a 3.369% high yield, a price of 100.106136.

The market was unperturbed by Fitch Ratings' sharp downgrade of the Puerto Rico Sales Tax Financing Corporation's debt to BB-minus from AA-minus.

Texas sales tax revenues rose 3.7% in June to $2.24 billion marking the 51st consecutive month of increases, according to state comptroller Susan Combs.

Standard & Poor's Ratings Services said it lowered its underlying rating to A from A-plus on Pottsboro, Texas' series 2011 combination tax and revenue certificates of obligation for the waterworks and sewer system (limited pledge) and series 2010 contract revenue and refunding bonds, which was issued by the Greater Texoma Utility Authority (GTUA).

Gov. Tom Corbett deleted $72.5 million from lawmakers’ spending plan in a line-item veto while signing Pennsylvania's $29.1 billion budget and repeating his call for pension overhaul.

The California Legislature has adjourned for summer recess this month after failing to reach a compromise on a multi-billion water bond to place on the November ballot.

The Treasury Department said Thursday it will auction $25 billion 91-day bills and $23 billion 182-day discount bills Monday.

Wholesale inventories increased 0.5% in May, the Commerce Department reported Thursday. Wholesale sales grew 0.7%.

The largest deal of the week, $300 million of Massachusetts School Building Authority bond anticipation notes, is expected to be gobbled up by traders.

Initial jobless claims fell 11,000 to 304,000 in the week ended July 5, the Labor Department said Thursday.