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The Puerto Rico Superior Court refused to hear a suit by Doral Financial against the Puerto Rico Treasury, but the firm said it has another venue to fight its $229 million dispute with the commonwealth's treasury.

Government

S&P revises Michigan's outlook down to stable from positive, citing soft revenues as well as its recent contribution to Detroit's bankruptcy.

A drop in issuance helped make the both deals more attractive, as investors sought supply in different parts of the credit spectrum.

The long-awaited Water Infrastructure Finance and Innovation Act has the potential to play an important part in encouraging the use of P3s in the water and waste water sectors.

Competition over a shrinking pool of business claimed another victim with this week's shuttering of Lebenthal & Co.'s municipal underwriting and institutional sales arms.

The Louisiana State Bond Commission has issued a request for proposals for a financial advisor. Proposals are due from interested firms July 10.

While states' credit ratings haven't been affected much by climate-related issues, primarily because the federal government has provided aid for those hit by disasters, that assistance may not always be available, a Standard and Poor's official said Tuesday.

The Chicago Infrastructure Trust has begun negotiations with private partners, advancing plans to finance energy upgrades to as many as 141 city pools, and is eyeing a Property Assessed Clean Energy program.

Moody's Investors Service has lowered its ratings on $8.5 billion of state and transit agency stand-alone grant anticipation revenue vehicle bonds supported by dwindling revenues from the Highway Trust Fund.

Standard & Poor's Ratings Services raised its long-term rating and underlying rating on Harris-Montgomery Counties Municipal Utility District No. 386, Texas' general obligation debt one notch to A-minus from BBB-plus.

Puerto Rico's Senate approved belt-tightening measures for government employees, a prerequisite for the adoption of Gov. Alejandro García Padilla's budget.

Standard & Poor's Ratings Services raised its rating on Neshannock Township School District, Pa.'s general obligation debt one notch to AA-minus from A-plus.

Standard & Poor's Ratings Services said it raised its rating on Kaufman County Municipal Utility District No. 11, Texas' general obligation debt one notch to BBB from BBB-minus.

Moody's Investors Service said it has downgraded the city of Fulton, N.Y., to Baa1 from A2, affecting approximately $300,000 in outstanding general obligation debt.