News and Information from Bond Buyer

ARIZONA

Moody's Investors Service said that a recent ruling on Nassau County, N.Y. wage freeze was a credit positive for the county.

Government

Municipal bonds sank in value Wednesday after Federal Reserve chair Janet Yellen said interest rates may increase in early 2015.

Municipal bonds are a centerpiece in Orlando, Fla.'s plan to lure visitors and locals downtown with new and upgraded sports and arts venues.

Bond insurers got a lift as an industry outlook report and ratings upgrades by Standard & Poor's on Assured Guaranty and National Public Finance Guarantee bolstered Wall Street's confidence in the business.

Wisconsin received the AAA rating from Kroll Bond Rating Agency on its transportation revenue bond credit ahead of a nearly $400 million sale slated for Thursday. The other agencies rate the bonds in the mid- to high double-A category.

According to the Independent Budget Office, New York City will continue to provide a larger share of the education department's budget than the state.

After Gov. Rick Snyder affirmed his declaration of fiscal emergency, the Detroit Suburb of Royal Oak Township now has seven days to choose one of four options, including Chapter 9, to address the problem.

As Rhode Island lawmakers continue to debate Sakonnet River Bridge tolling, a state agency chief has threatened to return the bridge to the state if an impasse lingers.

Moody's Investors Service has downgraded Exeter Hospital, N.H.'s (Exeter) underlying bond ratings to Baa2 from A3 on $26.6 million of outstanding revenue bonds.

Reliable, multi-year investments in the Northeast Corridor's 100-year-old rail infrastructure are needed to prevent massive system failures, warns Amtrak CEO Joe Boardman.

The 6.5% unemployment target has been dropped by the Fed, confirming what market participants had expected, the Federal Open Market Committee announcement Wednesday afternoon confirmed.

The New York City watchdog organization Citizens Budget Commission will honor U.S. Treasury Secretary Jack Lew at its annual dinner in Manhattan.

Hercules, Calif., officials said Tuesday they may default on electric system revenue bonds if a tender offer fails to draw enough buyers by March 28, the end of the offer period.

The Federal Reserve will reduce its monthly asset purchases by $10 billion in April and altered its forward guidance on unemployment to say rates will stay low "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.

Thirteen of the sixteen members of the Federal Reserve Board expect next year to be the appropriate time for policy tightening, with a range of expectations for rates between 0.25% and 3.00% at the end of 2015, according to the Fed's latest summary of economic projections, released Wednesday.

Illinois' economy, debts, and the fate of an expiring income tax hike are expected to take center stage in the governor's match between Democratic incumbent Pat Quinn and Republican businessman Bruce Rauner.

Orlando, Fla., is pricing $238.6 million of bonds to finance downtown arts and sports venues, including a stadium that helped the local Orlando City club land a spot in Major League Soccer.

Ohio Gov. John Kasich has introduced a new two year capital bill that spends $2.4 billion for capital projects and relies on $2.1 billion of new-money borrowing.