News and Information from Bond Buyer

Puerto Rican investors in municipal bond closed-ended funds run by UBS AG, Banco Popular and Popular Securities sued the firms.

Consumer credit increased by $17.5 billion, or 6.7%, in March to $3.141 trillion, the Federal Reserve reported Wednesday.

Moody's Investors Service said it has downgraded Josephine County Unit Joint School District (Three Rivers), Ore.'s general obligation bonds to A1 from Aa3.

Paul Joseph Finn Sr., a former member of the management committee at AMBAC Indemnity Corp., died May 2 after a long illness. He was 80 years old.

Standard & Poor's Ratings Services said it has lowered its long-term rating to BB from BB-plus on Maryland Health & Higher Education Facilities Authority's series 2001 bonds issued for the McLean School.

The municipal market was apathetic about Federal Reserve Board Chair Janet Yellen's testimony before the Congressional Joint Economic Committee that extremely low interest rates remain warranted and gross domestic product will strengthen this year.

Ohio will issue nearly $1.9 billion in general obligation bonds over the next 10 years after voters approved the request in a Tuesday primary that saw the majority of borrowings in Ohio and Michigan approved by voters.

Indiana and Illinois have finalized a bi-state development pact for the proposed Illiana Corridor toll road that commits the two states to a combined funding contribution of up to $350 million.

McGraw Hill Financial's S&P Capital IQ has partnered with Tradeweb Direct to launch Odd-Lot Valuations, a pricing service that joins a growing number of efforts aimed at improving transparency in odd-lot bond trades.

Miami-Dade County plans to lower borrowing costs for improvements at PortMiami by issuing $208 million of bonds in variable rate mode this week.

The Treasury Department auctioned $24 billion of 10-year notes with a 2 1/2% coupon at a 2.612% high yield, a price of 99.019915.

Standard & Poor's Ratings Services said it raised its long-term rating and underlying rating to AA-minus from A-plus on California Special District Association Finance Corp.'s series 2006TT certificates of participation supported by Santa Clara County Vector Control District.

San Francisco is proposing a $500 million general obligation bond as part of a $1.5 billion transportation package for the November ballot.

A western Oklahoma hospital that has struggled to hire doctors falls another notch below investment grade on the Fitch Ratings scale.

Federal Reserve Board Chair Janet Yellen said there is no timetable for the first interest rate hike.

The municipal market opened on a steady note Wednesday morning, as Federal Reserve Board Chair Janet Yellen told the Joint Congressional Economic Committee that low interest rates remain warranted and gross domestic product would strengthen this year.

With considerable slack in labor markets and inflation below the Federal Reserve's 2% target, "a high degree of monetary accommodation remains warranted," Federal Reserve Board Chair Janet Yellen said Wednesday.

A Texas charter school is the first to carry a triple-A rating to the bond market, thanks to new backing from the state Permanent School Fund.

May. 7, 2014 Midwest: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Illinois A3/A+/A+ 0.35 2.06 3.35 4.54 Indiana Aaa/AAA/AA+ 0.15 1.32 2.42 3.57 Iowa Aaa/AAA/AAA 0.15 1.33 2.41 3.56 Michigan Aa2/AA/AA 0.2 1.47 2.6 3.78 Minnesota Aa1/AA+/AA+ 0.15 1.29 2.36 3.47 Missouri Aaa/AAA/AAA 0.15 1.26 2.29 3.44 Nebraska NR/AAA/AA+ 0.17 1.38 2.5 3.64 North Dakota Aa1/AA+/NR 0.16 1.36 2.47 3.62 Ohio Aa1/AA+/AA+ 0.16 1.37 2.47 3.65 South Dakota NR/AA+/NR 0.16 1.37 2.51 3.67 Wisconsin Aa2/AA/AA 0.16 1.36 2.49 3.66

5/6/2014 4/29/2014 State # Iss Amount ($000) # Iss Amount ($000) Chg in Amt ($000s) Illinois 7 $502,220 7 $58,655 $443,565 Indiana 8 44,095 10 162,730 -118,635 Iowa 8 146,155 5 52,700 93,455 Michigan 4 42,085 7 514,385 -472,300 Minnesota 18 130,620 22 148,510 -17,890 Missouri 7 409,675 3 70,645 339,030 Nebraska 1 9,500 0 0 9,500 North Dakota 3 36,600 1 3,600 33,000 Ohio 6 274,275 12 537,785 -263,510 South Dakota 0 0 0 0 0 Wisconsin 17 183,760 9 150,990 32,770