News and Information from Bond Buyer

Municipal market trades increased for the first time in three years in 2013, driven by retail-sized transactions, according to the annual fact book the Municipal Securities Rulemaking Board.

Chicago will hold on to its A-plus rating from Standard & Poor's rating as it heads to market with a $400 million general obligation sale, its first since being hit with triple-notch downgrades last year by Fitch Ratings and Moody's Investors Service over its pension crisis.

Standard & Poor's Ratings Services said it lowered its long-term rating to B from B-plus on Detroit Community Schools (DCS), Mich.'s series 2005 public school academy revenue bonds and placed the rating on CreditWatch with negative implications.

Standard & Poor's Ratings Services said it lowered its long-term and underlying ratings to A-plus from AA-minus on Fayette County Board of Education, Ky.'s existing debt, issued by the Fayette County School District Finance Corp.

Standard & Poor's Ratings Services said it raised its school issuer credit rating and underlying rating on Pilot Point Independent School District, Texas' general obligation debt one notch to AA-minus from A-plus.

The Southern California Public Power Authority is planning to finance its acquisition of a Nevada natural-gas power plant with a $322 million sale of revenue bonds.

The double-A rated University of Kentucky prices $244 million of bonds on Tuesday amid a light competitive calendar.

With municipal bond trading slow Wednesday afternoon, the bond market headed into a third day of below-average activity.

New York's MTA, rejecting a plea from former chairman Richard Ravitch not to do so, approved $7 million to cover Verrazano-Narrows Bridge toll discounts.

California's Department of Water Resources sold $162 million of water revenue bonds on Tuesday to finance construction and to refund outstanding debt.

Burlington, Vt.'s settlement with Citibank in its dispute over Burlington Telecom is a credit positive for the city, Moody's Investors Service said.

The city of Wichita will need about $10 billion more than currently planned to maintain its infrastructure over the next decade, according to a committee report.

Garland Independent School District in suburban Dallas has decided to postpone a $400 million bond election until November, officials said.

Of the seven states taking water from the Colorado River, Arizona would face the greatest hardship in the event of a shortage allocation, according to a report from Moody's Investor’s Service.

The California Legislature has another water bond proposal to consider as more lawmakers proposed a $7.9 billion water bond to replace the $11 billion water bond set to go before voters in November.

The Treasury Department auctioned $35 billion of five-year notes, with a 1 1/2% coupon, a 1.530% high yield, a price of 99.856123.

Municipal bond issuance in the Southeast last year dropped 11% to $56.7 billion from to $63.7 billion in 2012 as rising interest rates knocked out refunding opportunities and new-money volume ticked up only 1.1%.

Land isn't the only thing drying up in California, as the drought's economic impacts are dangerously closing in on the state's financial resources.

Southeast bond issuance last year dropped 11% to $56.7 billion as rising interest rates took refundings out of the running and new-money volume was nearly flat.

Preaching patience, Federal Reserve Bank of Boston President & Chief Executive Officer Eric S. Rosengren said Wednesday, the Federal Reserve needs to assess labor market slack before tightening monetary policy.