News and Information from Bond Buyer

Standard & Poor's Ratings Services has lowered its rating on Central Delaware County Authority (CDCA), Pa.'s series 2010 sewer revenue bonds two notches to A-minus from A-plus.

Puerto Rico's April revenues came in 26% below government projections, largely because corporate taxes came in $380 million short.

New York City's most recent budget plan is credit negative, said Moody's Investors Service, which cited the effect of the proposed contract settlement with teachers on out-year budget gaps.

Tender rates for the Treasury Department's latest 91-day and 182-day discount bills were mixed, as the three-months incurred a 0.025% high rate, unchanged from 0.025% the prior week, and the six-months incurred a 0.050% high rate, up from 0.045% the week before.

The Treasury Department said Monday it will sell $40 billion of four-week discount bills Tuesday.

The municipal bond market opened with steady yields across the curve Monday morning, after rallying for four days.

Municipal finance advisory firm PFM Group will sponsor a seminar on financial planning in Boston for higher education business officers.

Week Of May 12 Issuer St Description Amount

Week Of May 12 Issuer St Description Amount

INDIANA

ALABAMA

Day Indicator Last Report Forecast Monday Treasury Budget March: -$36.9B April: +$114.0B Tuesday Import Prices March: +0.6% April: +0.3% Tuesday Retail Sales March: +1.1% April: +0.4% Tuesday ex-Autos March: +0.7% April: +0.6% Tuesday Business Inventories Feb.: +0.4% March: +0.4% Wednesday PPI March: +0.5% April: +0.2% Wednesday PPI Core March: +0.6% April: +0.2% Thursday CPI March: +0.2% April: +0.3% Thursday CPI Core March: +0.2% April: +0.1% Thursday Empire State Manufacturing April: 1.29 May: 6.00 Thursday Initial Claims 5/3: 319,000 5/10: 319,000 Thursday Cont. Claims 4/26: 2.685M 5/3: 2.690M Thursday Industrial Production March: +0.7% April: +0.1% Thursday Capacity Utilization March: 79.2 April: 79.2 Thursday NAHB Housing Index April: 47 May: 49 Thursday Philly Fed Manufacturing April: 16.6 May: 14.0 Friday Housing Starts March: 946,000 April: 980,000 Friday Building Permits March: 997,000 April: 1.015M Friday U. of Mich. Sentiment April: 84.1 May: 84.5 Friday U. of Mich. Current April: 98.7 May: 99.0 Friday U. of Mich. Expectations April: 74.7 May: 75.0

May. 12, 2014 Northeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Connecticut Aa3/AA/AA 0.2 1.37 2.56 3.65 Delaware Aaa/AAA/AAA 0.13 1.21 2.27 3.34 Maine Aa2/AA/AA 0.16 1.33 2.48 3.55 Maryland Aaa/AAA/AAA 0.15 1.22 2.28 3.35 Massachusetts Aa1/AA+/AA+ 0.16 1.3 2.44 3.56 New Hampshire Aa1/AA/AA+ 0.15 1.26 2.35 3.45 New Jersey Aa3/AA+/AA+ 0.2 1.42 2.62 3.7 New York Aa2/AA/AA 0.15 1.27 2.35 3.51 Pennsylvania Aa2/AA/AA 0.18 1.35 2.53 3.58 Rhode Island Aa2/AA/AA 0.19 1.43 2.61 3.73 Vermont Aaa/AA+/AAA 0.15 1.27 2.34 3.4 Dist. of Columbia Aa2/A+/AA+ 0.17 1.35 2.51 3.59 Puerto Rico Baa3/BB+/BBB- 7.95 8.67 8.78 7.9

5/9/2014 5/2/2014 State # Iss Amount ($000s) # Iss Amount ($000s) Chg in Amt ($000s) Connecticut 7 $84,040 8 $169,810 -$85,770 Delaware 0 0 1 113,260 -113,260 Maine 2 4,965 3 74,180 -69,215 Maryland 4 84,820 4 36,945 47,875 Massachusetts 6 364,431 5 189,578 174,853 New Hampshire 0 0 0 0 0 New Jersey 8 1,225,036 12 480,947 744,089 New York 9 331,681 6 35,426 296,255 Pennsylvania 11 624,513 8 98,355 526,158 Rhode Island 0 0 0 0 0 Vermont 0 0 0 0 0 District of Columbia 1 450,000 1 50,000 400,000 Puerto Rico 0 0 0 0 0

Monday, May 12 Issuer St Description Amount

Monday, May 12 Issuer St Description Amount

A pair of turnpike revenue offerings from New Jersey and Pennsylvania will give the primary market a lift this week, helping alleviate supply concerns ahead of spring reinvestment season, municipal experts said.

Puerto Rico-based Doral Financial Corp. is likely to default on more than $150 million in municipal notes and bonds, ratings agencies said.

A declining number of Midwestern high school graduates is adding to already highly competitive environment further straining the region's small colleges, according to Moody's Investors Service.

Texas sales tax revenue rose 5.6% to $2.27 billion in April compared to the same month in 2013, according to Texas Comptroller Susan Combs.