News and Information from Bond Buyer

Moody's Investors Service said it has downgraded to A2 from A1 the rating on the village of Calumet Park, Ill.'s outstanding general obligation bonds.

Standard & Poor's Ratings Services said it upgraded its long-term rating on Amherst, Mass.' general obligation bonds to AA-plus from AA based on the town's strong budgetary performance and strong budgetary flexibility, further bolstered by its strong management conditions.

Despite rapid growth in many areas of the Southwest, bond issuance fell 13% in 2013 as interest rates halted the race to refund previously issued debt.

The Texas Society of Certified Public Accountants is urging the chairmen and ranking minority members of the congressional tax-writing committees to make the deduction for state and local sales taxes permanent.

Tender rates for the Treasury Department's latest 91-day and 182-day discount bills were mixed, as the three-months incurred a 0.045% high rate, off from 0.050% the prior week, and the six-months incurred a 0.075% high rate, unchanged from 0.075% the week before.

After a week with just $1.89 billion of new issuance, the municipal market opened slowly Monday as investors still had little to look forward to in the way of new money bonds.

U.S. municipal housing bond ratings are anticipated to stabilize with the assistance of federal programs and a low-interest-rate environment as the economy continues to improve, according to Standard & Poor's.

The Treasury Department said Monday it will sell $35 billion of four-week discount bills Tuesday.

Texas factory activity, as measured by the production index, "increased for the tenth month in a row in February," according to the monthly business activity survey conducted by the Federal Reserve Bank of Dallas, released Monday.

With refunding opportunities fading, municipal bond volume in the Southwest region fell 13% from 2012 to $56 billion in 2013.

The Chicago Fed National Activity Index for January fell to negative 0.39 from a revised negative 0.03 reading in December, while the three-month moving average (CFNAI-MA3) declined to 0.10 from a revised 0.26 in December, the Federal Reserve Bank of Chicago reported Monday.

While economists tend to agree monetary policy is "about right," they disagree on fiscal policy, according to a survey by the National Association of Business Economists.

Detroit is being cautious about its revenue projections — and its ability to enter the capital markets — over the next decade, according to documents filed in bankruptcy court.

Feb. 24, 2014 Northeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Connecticut Aa3/AA/AA 0.19 1.23 2.8 4.18 Delaware Aaa/AAA/AAA 0.15 1.08 2.5 3.84 Maine Aa2/AA/AA 0.19 1.15 2.64 3.96 Maryland Aaa/AAA/AAA 0.17 1.08 2.5 3.84 Massachusetts Aa1/AA+/AA+ 0.19 1.18 2.69 4.06 New Hampshire Aa1/AA/AA+ 0.17 1.12 2.57 3.94 New Jersey Aa3/AA+/AA+ 0.23 1.21 2.79 4.16 New York Aa2/AA/AA 0.21 1.13 2.57 4 Pennsylvania Aa2/AA/AA 0.19 1.23 2.78 4.1 Rhode Island Aa2/AA/AA 0.25 1.36 2.95 4.34 Vermont Aaa/AA+/AAA 0.17 1.13 2.56 3.89 Dist. of Columbia Aa2/A+/AA+ 0.2 1.28 2.8 4.16 Puerto Rico Baa3/BB+/BBB- 8.17 9.08 9.5 7.79

2/21/2014 2/14/2014 State # Iss Amount ($000s) # Iss Amount ($000s) Chg in Amt ($000s) Connecticut 1 $10,420 1 $4,720 $5,700 Delaware 1 225,000 0 0 225,000 Maine 1 2,000 0 0 2,000 Maryland 7 899,060 0 0 899,060 Massachusetts 6 170,406 3 118,201 52,205 New Hampshire 0 0 0 0 0 New Jersey 6 417,495 1 11,165 406,330 New York 10 536,198 13 686,715 -150,517 Pennsylvania 7 85,690 5 50,170 35,520 Rhode Island 0 0 1 54,065 -54,065 Vermont 0 0 0 0 0 District of Columbia 0 0 0 0 0 Puerto Rico 0 0 0 0 0

Monday, February 24 Issuer St Description Amount

Monday, February 24 Issuer St Description Amount

Week Of February 24 Issuer St Description Amount

Week Of February 24 Issuer St Description Amount

MASSACHUSETTS