News and Information from Bond Buyer

Moody's Investors Service has shifted its outlook to negative on Austin's Aa2 rating for water and sewer debt as the city prepares to issue $271 million of bonds in June.

Yield-starved investors have started picking up a bit of yield by buying kicker bonds.

Congress is expected to pass a compromise water infrastructure bill this week that funds 34 projects totaling $12 billion.

Fitch Ratings upgraded to BBB $71.3 million in revenue bonds issued by the Hawaii Department of Budget & Finance for a 392-unit retirement community and revised the outlook to stable from positive.

The state of Oregon is planning to sell $68 million of tax-exempt and taxable bonds next week to finance capital projects at state universities.

Moody's Investors Service downgraded the enhanced ratings of 15 major New Jersey municipalities participating in a New Jersey-supported bond program, citing its downgrade of New Jersey.

The North Carolina Department of Transportation won federal approval to resume work on the $900 million, 20-mile Monroe Bypass project stalled by a federal ruling.

The Minnesota Legislature on Friday approved a $1 billion package of capital projects primarily financed with general obligation borrowing.

BlackRock Inc. says municipal bonds will extend April's gains as the second quarter progresses, though credit quality concerns remain for investors in Puerto Rico, New Jersey and tobacco bonds.

The fight over Detroit's proposed 10% recovery for its limited-tax general obligation bonds heated up last week as Ambac challenged the treatment as a failure to understand the basics of Chapter 9 and municipal finance.

Municipal bond fund inflows declined in the week ending May 15 as gains by high-yield funds slowed.

Public finance guru Richard Ravitch, in a lengthy interview, discusses his new book and how cities and states haven't learned from New York's 1975 fiscal crisis.

The Federal Open Market Committee is closer to achieving its policy goals than it has been since 2009, Federal Reserve Bank of St. Louis President James Bullard said Friday.

The Governmental Accounting Standards Board has released a proposed statement that provides more guidance about how state and local governments should measure the fair value of investments for financial reporting purposes.

The two biggest deals scheduled for next week are refundings, but market participants do not believe refundings will pick up this year.

Fitch Ratings said it has upgraded to BBB from BBB-minus the rating on $71.3 million Hawaii Department of Budget & Finance series 2012 revenue bonds issued on behalf of Kahala Nui.

The lawyer for former Rhode Island House Speaker Gordon Fox said a grand jury investigation may include the financing of failed video-game company 38 Studios.

The Government Finance Officers Association has released model language for issuer officials to use when interracting with broker-dealers and other entities under the municipal advisor rule.

The University of Michigan's preliminary May consumer sentiment index reading was 81.8, compared to the final April 84.1, and the preliminary April 82.6, according to market sources.

The New York region's service sector increased in May, according to the Federal Reserve Bank of New York's Business Leaders Survey, released Friday.