News and Information from Bond Buyer

Week Of May 12 Issuer St Description Amount

Week Of May 12 Issuer St Description Amount

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Puerto Rico's weak economy and the commonwealth's government are continuing to pressure Puerto Rico banks, Moody's Investors Service said Tuesday.

Government

The New Jersey Turnpike Authority’s $1 billion of revenue bonds were priced by Goldman, Sachs Tuesday, testing the market for maturities ranging from 13 to 21 years.

Detroit emergency manager Kevyn Orr testified before a special House committee Tuesday that is considering a $195 million state contribution to the city's pension funds that Orr said is essential to the city's recovery.

Rhode Island's recent $78.7 million general obligation bond refinancing will save the state $6.7 million over the life of the issue, which matures in 2025, according to General Treasurer Gina Raimondo.

Moody's Investors Service said it has downgraded to Baa3 from Baa1 the rating assigned to Morehouse College, Ga.'s Series 2007 bonds issued through the Development Authority of Fulton County.

Moody's Investors Service has upgraded Yonkers, N.Y., general obligation bonds to A3 from Baa1 on Monday.

Hawaii Gov. Neil Abercrombie announced May 9 the appointment of Ford Fuchigami as interim director of the state Department of Transportation.

Traders said the market is tired of the Dormitory Authority of the State of New York name, but will buy the $198.6 million of school district revenue bond financing program revenue bonds that came to market Tuesday anyway.

Miami-Dade County expects to issue $101 million of general obligation bonds in July for the publicly owned Jackson Health System.

Hawaii legislators approved legislation last week that extends authorization of $77 million in special purpose revenue bonds to fund the $250 million Honolulu Seawater Air Conditioning project.

Mayor Bill de Blasio's 10-year plan to build and preserve so-called affordable housing is credit neutral for New York City, according to Moody's.

Defined benefit pension plan promises in the public sector are not as secure as many had thought they were before the financial crisis, given that courts have largely upheld states' cuts to cost-of-living adjustments, a recently released report said.

California Governor Jerry Brown released his revised budget proposal for California on Tuesday morning, which includes $11 billion to pay down the state's debt.

The Missouri Highways and Transportation Commission hits the market next week with a $900 million refunding as it awaits legislative word on whether a sales tax hike to ease its funding crunch will go to voters this fall.

The Financial Industry Regulatory Agency's director of fixed income recently tried to dispel some myths about the agency's oversight of municipal advisors and detailed its plans for examinations.