News and Information from Bond Buyer

Trading activity for Illinois credits in the secondary market remained stagnant Monday as market participants digested a state Supreme Court ruling before the holiday weekend that retiree health care subsidies are protected by the state's constitution.

Thomson Reuters mid-year data shows that Morgan Stanley has jumped up underwriter ranks in the second quarter from the first quarter, managing a larger volume and increasing its market share.

If approved, a proposal to cap the amount of money California school districts can keep in reserves would have neutral to negative credit implications on districts, according to Standard & Poor's.

Chicago named one of its financial consultants, Martin J. Luby, as its independent registered municipal advisor to evaluate financing proposals as it seeks to comply with new regulations without stemming creative financing suggestions.

Louisiana Treasurer John Kennedy claims the state repaid a loan from future collections, and that kind of budgeting is similar to “kiting” checks” if it becomes a practice.

Connecticut Gov. Dannel Malloy on July 7 announced a $19.2 million package of state funding for six development and improvement projects in downtown Waterbury, as well as funding to redesign the signal system for Metro-North Railroad’s Waterbury commuter branch.

Standard & Poor's Ratings Services said it lowered its long-term rating on Chesterfield County Industrial Development Authority, Va.'s multifamily housing revenue bonds (Winchester Greens Townhouses) series 1999 to CCC from A-plus.

Auditors have confirmed that junk-rated Guam achieved its second consecutive budget surplus in fiscal 2013.

Congress must quickly fix the impending insolvency of the Highway Trust Fund without waiting for an executive order, President Obama said.

Newly issued Treasury securities held in stripped form increased about $4.841 billion in June to a total of $214.098 billion, the Bureau of the Public Debt reported Monday.

All creditors in the Detroit bankruptcy case must vote on the city's debt adjustment plan by Friday, a key vote that will set the stage for an August trial and the city's effort to exit Chapter 9 by early fall.

The Puerto Rico Electric Power Authority is getting a short extension on line-of-credit payments that had been due in early July.

Moody's Investors Service said it upgraded to Aa3 the underlying rating of the Darlington County School District, S.C., affecting $36.9 million of debt outstanding.

The Government Finance Officers Association has issued an alert for issuer officials urging them to approach the Securities and Exchange Commission's continuing disclosure self-reporting program cautiously, and advising the group's members that attempts to lobby the SEC for changes to the initiative have been largely unsuccessful.

Standard & Poor's Ratings Services said it raised its rating on Universal City, Texas' general obligation debt two notches to AA-plus from AA-minus.

Rhode Island will hold another referendum in November asking voters if they want to expand gambling at the Newport Grand casino.

New York State, New York City, and their authorities plan to sell $3.02 billion in the third quarter of 2014.

The municipal market is fairly quiet coming off of the holiday weekend with light trading activity.

Puerto Rico's new debt law is a credit negative for financial guarantors, Moody's Investors Service said.

The Massachusetts Port Authority will come to market with a sale of $251.7 million of bonds for Logan International Airport improvements and refunding.