News and Information from Bond Buyer

Government

State and local governments are enjoying an economic lift from gas drilling in residential areas, but the long-term impact on property tax values is an open question, according to researchers.

Investors found value in the long-end of the curve as yields for bonds maturing in over 20-years dropped on Monday.

Rep. Chris Van Hollen, D-Md., unveiled a Democratic fiscal 2015 budget resolution that would end sequestration and support President Obama's $302 billion four-year transportation reauthorization proposal as well as $10 billion to establish an infrastructure bank

Alameda, Calif.'s victory in lawsuits brought by municipal bond investors over a cable TV and internet system it sold could set precedent in municipal bond cases.

Standard & Poor's Ratings Services said it has lowered its long-term rating and underlying rating on the Delaware Economic Development Authority's $97 million bonds outstanding issued for Delaware State University to A from A-plus.

Chicago dropped a controversial provision mandating large property tax hikes to fund at least half of its share of increased pension contributions to get legislation overhauling two of its four pension fund back on track.

Moody's Investors Service said it has upgraded to Aa1 from Aa2 the underlying rating for Summit County School District Re-1, Colo., affecting $44.7 million in outstanding parity debt.

Consumer credit increased by $16.5 billion, or 6.4%, in February to $3.130 trillion, the Federal Reserve reported Monday.

Illinois Gov. Pat Quinn’s running mate Paul Vallas is joining the municipal restructuring and consulting firm headed by Illinois Finance Authority board chairman and Quinn campaign contributor Bill Brandt.

The Build America Bond program would be permanently revived with lower subsidy rates and without issuers being hurt by sequestration cuts, under a bill recently introduced in the Senate.

Harrisburg, Pa., Mayor Eric Papenfuse confirmed his testimony before a state grand jury in Pittsburgh, presumably about the capital city's past financial deals.

Yields on the long-end of the curve are dropping as investors flee equities during a tech-stock sell-off.

The Commonwealth of Puerto Rico needs another "operation bootstrap" to spur its economy, a veteran municipal analyst says.

Fitch Ratings said it has upgraded the rating on the Richmond Metropolitan Authority, Va.'s approximately $94.8 million in outstanding expressway toll revenue bonds to A from A-minus.

The Alabama Legislature's session ended April 3 with lawmakers passing state budgets, but taking no action on bills affecting the Birmingham Water Works Board.

States that pull back on their cost-cutting measures in response to improving economic conditions could harm their credit, but local governments are in good shape thanks to a housing market recovery, according to a new report from Standard & Poor's.

Standard & Poor's Ratings Services said it lowered its school issuer credit rating on Ann Arbor Public Schools, Mich.'s general obligation bonds three notches, to A-plus from AA-plus.

Tender rates for the Treasury Department's latest 91-day and 182-day discount bills were lower, as the three-months incurred a 0.030% high rate, down from 0.045% the prior week, and the six-months incurred a 0.050% high rate, down from 0.065% the week before.

Traders said this week's increased issuance will create buying opportunities for market participants.