News and Information from Bond Buyer

Former Providence, R.I., Mayor Buddy Cianci, who served five years for racketeering, said he will launch a third effort to reclaim City Hall.

Moody's Investors Service on Wednesday upgraded California to Aa3 from A1, based on its improved fiscal position.

Harvey, Ill. and its comptroller, Joseph T. Letke, are accused of misusing bond proceeds and misrepresenting investment risks in a civil complaint filed by the Securities and Exchange Commission that led to an injunction blocking an upcoming issue planned by the Chicago suburb.

Barbara Liebert, executive director at the California Health Facilities Financing Authority, is leaving her post to join State Controller John Chiang's office.

Moody's Investors Service said it has downgraded the rating on Lisle-Woodridge Fire Protection District, Ill.'s outstanding general obligation limited tax notes to A1 from Aa3.

Standard & Poor's Ratings Services said it raised its long-term rating and underlying rating on Cape Coral, Fla.'s water and sewer system revenue debt one notch to A from A-minus.

New York's MTA would draw down an additional $40 million annually in pay-as-you-go funding under its offer to LIRR unions, chairman Thomas Prendergast said.

Standard & Poor's Ratings Services said it lowered its long-term rating and underlying rating on Massachusetts Development Finance Agency's series 2010C and 2013G fixed rate bonds issued for Lowell General Hospital to BBB from BBB-plus.

Sen. Barbara Boxer supports a proposal for a six-month patch to keep the Highway Trust Fund solvent through 2014.

Moody's downgraded the ratings of King's Daughters Medical Center, Ky., to A3 from A2, with a continued negative outlook, partly because of a $41 million Department of Justice settlement.

The Treasury Department auctioned $35 billion of five-year notes, with a 1 5/8% coupon, a 1.670% high yield, a price of 99.784997.

The municipal market had a stronger tone on Wednesday following the release of first quarter gross domestic product, which was revised down 1.9 points to its biggest loss since the first quarter of 2009, a 2.9% contraction.

State pension funding levels have probably hit their low point, and can begin a long, slow recovery, according to a new report from Standard & Poor's.

The Treasury Department Wednesday auctioned $13 billion of one-year 10-month floating rate notes with a high discount margin of 0.069%, at a 0.069% spread, a price of 99.999999.

New laws in Tennessee laws prohibit state aid to fiscally distressed local governments and tighten requirements for local governments that use balloon or backloaded debt.

Pennsylvania's proposed $29.1 billion budget is headed to the House floor after its appropriations committee approved it.

Fitch Ratings, countering a state-sponsored report, said a failure by Rhode Island to pay 38 Studios moral obligation bonds not drag Rhode Island's GOs to junk level.

Former U.S. Transportation Secretary Ray LaHood and former FAA chief Jane Garvey will chair an advisory commission that will study the challenges of New York's MTA.

The $1 billion-plus Washington general obligation deal scheduled for auction Wednesday will reveal the market's true demand for paper, investors say.

Indicator Last Report Forecast Actual Consumer Confidence May: 83.0 June: 83.0 June: 85.2 New Home Sales April: 433,000 May: 450,000 May: 504,000