News and Information from Bond Buyer

The value of municipal bonds plunged Thursday as the prospect of rising interest rates triggered a selloff, with short-term bonds taking the hardest hit.

Financial information for 500 New York State public authorities has been posted at the Open Book New York web site.

New York City Comptroller Scott Stringer rejected a $30 million contract to outsource selection and oversight of all IT contractors to Computer Aid of Allentown, Pa.

The Louisiana State Bond Commission rejected a settlement with the Justice Department March 20 that would have resolved a federal housing discrimination suit.

Cincinnati's new mayor wants the federal court to organize all the city's retirees and employees into a single class and hammer out a consent agreement in court-ordered mediation in order to deal with the city's growing pension headache.

Fitch Ratings said it downgrades its long-term ratings and affirms the short-term ratings on the following Columbus, Ohio, outstanding revenue bonds: $390 million sewerage system fixed-rate revenue bonds, series 2008A to AA from AA-plus; $51.9 million sewerage system adjustable-rate revenue bonds, series 2008B (self liquidity) to AA/F1-plus from AA-plus/F1-plus.

Standard & Poor's Ratings Services said it lowered its underlying rating to A-minus from A on Orland Joint Unified School District, Calif.'s existing general obligation bonds.

Detroit's treatment of its general obligation bonds could have broader implications in the municipal bond market, but California's GO bond pledge will remain strong, market experts say.

Rhode Island has hired Minnesota firm SJ Advisors to examine the impact of possibly defaulting on 38 Studios moral obligation bonds.

Aviation groups difference over a proposal to fund airport infrastructure projects with higher passenger facility charges.

The sentencing dates for convicted bid riggers Brian Zwerner, Douglas Goldberg, and Daniel Naeh have been delayed again.

Munis weakened Thursday afternoon as the jobless claims report added to sentiment that the economy is improving.

The Treasury Department sold $13 billion of inflation-indexed nine-year 10-month TIPs at a 0.659% high yield, an adjusted price of 99.916048, with a 5/8% coupon.

Moody's Investors Service said it has upgraded to Baa1 the rating assigned to Northeast Health System, Mass.'s (Northeast) bonds reflecting benefits from the affiliation with Lahey Clinic and stable financial performance.

Detroit has reportedly yet to finalize a crucial settlement with its interest-rate swap counterparties.

Michigan Gov. Rick Snyder told local reporters that he wants Detroit to reach an agreement with its retirees to help advance legislation that would appropriate $350 million in state funds for the city's unfunded pensions.

The Treasury Department said it will auction $13 billion two-year notes floating rate notes on Wednesday, March 26.

The Treasury Department said it will auction $29 billion seven-year notes on Thursday, March 27.

The Treasury Department said Thursday it will auction $25 billion 91-day bills and $23 billion 182-day discount bills Monday.

Munis softened Thursday morning, losing some ground to Treasuries as the government bonds steadied after weakening Wednesday.