News and Information from Bond Buyer

A recently announced big revenue shortfall for New Jersey is a credit negative for the state, Moody's Investors Service said Wednesday.

Bond insurance has undergone a makeover unlike any other segment of the municipal bond industry.

A proposal for $100 million in state capital funding assistance to help lure the Obama Presidential Library to Chicago is advancing through the Illinois General Assembly.

Trading on bonds from Puerto Rico’s giant $3.5 billion March issuance spiked Wednesday after the Puerto Rico Governor Alejandro García Padilla's Tuesday speech when he proposed balanced budget for the Commonwealth.

Patrick A. Nowakowski, the executive director of the Dulles Corridor Metrorail Project, will be the next president of Long Island Rail Road, the MTA announced.

The record bankruptcy filing of Dallas-based Energy Future Holdings poses some risk to municipal bond issuers in parts of Texas where the company operates coal-fired power plants, according to Moody's Investors Service.

The Missouri Senate has approved a measure sending to voters a sale tax hike to fund transportation projects.

The Chicago City Council approved up to $1 billion of new money and refunding water revenue and wastewater revenue bonding.

Municipal bond sales fell again in April, mired in a weakening economy. Sales in April totaled $23.02 billion in 796 issues, a $4.61 billion drop from March, according to preliminary data from Thomson Reuters.

Moody's Investors Service lowered Des Moines, Iowa's rating by one notch to Aa2 due to its narrow operating reserves, below average income, and elevated debt burden.

Tolling and transit advocates praise the $302 billion transportation legislation now in Congress, but others doubt lawmakers will act before the November elections.

Michigan Treasurer Kevin Clinton is concerned about Wayne County's ability to implement a deficit elimination plan, setting up a possible state takeover of the junk-rated county that is home of Detroit.

Standard & Poor's Ratings Services said it raised its long-term rating to A-plus from A on the $25.1 million series 2013 hospital revenue refunding bonds issued by Manhattan, Kan., for Mercy Regional Health Center (Mercy) in Manhattan.

Investment advisors gave their take Tuesday at the Milken Institute Global Conference on investments at a time when questions are rising about the status of the economic cycle.

Standard & Poor's Ratings Services said it raised its underlying rating on Warsaw Community Public Library, Ind.'s series 2001 general obligation refunding bonds one notch to A from A-minus.

Fitch Ratings upgraded the rating on Central Washington Hospital in Wenatchee, Wash., based on its improved financial performance.

The Federal Reserve will reduce its monthly asset purchases by $10 billion beginning in May "until the outlook for the labor market has improved substantially in a context of price stability," the Federal Open Market Committee said in a statement released Wednesday following the committee's two-day meeting.

Siebert Brandford Shank & Co. has expanded on the west coast and in Texas with addition of two municipal finance veterans.

Fitch Ratings said it has downgraded the rating on approximately $37.4 million series 2002 bonds issued by the Citrus County Hospital Board (Citrus Memorial Health Foundation, Inc.) on behalf of Citrus Memorial Hospital, Fla., (CMH) to C from B-minus.

Virginia has joined a program to reform the state's economic development incentive programs to deliver the strongest results at the lowest possible cost.