News and Information from Bond Buyer

Moody's Investors Service has downgraded to A3 from A2 the underlying rating for Ashburn, Ga.'s $5.1 million of outstanding combined utility system revenue backed bonds.

Indicator Last Report Forecast Actual CPI Sept.: +0.2% Oct.: unch Oct.: -0.1% CPI Core Sept.: +0.1% Oct.: +0.1% Oct.: +0.1% Retail Sales Sept.: unch Oct.: +0.1% Oct.: +0.4% ex-Autos Sept.: +0.3% Oct.: +0.1% Oct.: +0.2% Business Inventories Aug.: +0.4% Sept.: +0.3% Sept.: +0.6% Existing Home Sales Sept.: 5.290M Oct.: 5.150M Oct.: 5.120M

Nov. 21, 2013 Southeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Alabama Aa1/AA/AA+ 0.19 1.24 2.81 4.29 Florida Aa1/AAA/AAA 0.18 1.21 2.8 4.28 Georgia Aaa/AAA/AAA 0.17 1.15 2.61 4.09 Kentucky Aa2/AA+/AA 0.19 1.26 2.83 4.33 Louisiana Aa2/AA/AA 0.19 1.26 2.81 4.32 Mississippi Aa2/AA/AA+ 0.2 1.26 2.84 4.3 North Carolina Aaa/AAA/AAA 0.17 1.15 2.61 4.09 South Carolina Aaa/AA+/AAA 0.17 1.18 2.64 4.12 Tennessee Aaa/AA+/AAA 0.17 1.15 2.66 4.14 Virginia Aaa/AAA/AAA 0.15 1.15 2.61 4.09 West Virginia Aa1/AA/AA 0.2 1.26 2.84 4.33

11/20/2013 11/13/2013 State Iss Amount ($000s) Iss Amount ($000s) Chg in Amt ($000s) Alabama 0 $0 0 $0 $0 Florida 9 742,425 11 731,550 10,875 Georgia 4 177,525 5 341,345 -163,820 Kentucky 2 8,275 2 37,255 -28,980 Louisiana 4 71,040 2 44,390 26,650 Mississippi 0 0 3 345,730 -345,730 North Carolina 0 0 0 0 0 South Carolina 6 155,565 2 101,495 54,070 Tennessee 1 31,970 2 5,680 26,290 Virginia 1 70,000 2 322,885 -252,885 West Virginia 0 0 0 0 0

Thursday, November 21 Issuer St Description Amount

Thursday, November 21 Issuer St Description Amount

Week Of November 18 Issuer St Description Amount

CALIFORNIA

ALABAMA

Moody's Investors Service downgraded Westchester County, N.Y. to Aa1 from Aaa on Wednesday, affecting $1 billion in debt.

Government

After successful pricing of $1.8 billion in sewer debt, a hearing on Jefferson County, Ala.'s bankruptcy plan could lead the county out of Chapter 9 this week.

The municipal market eyed two large deals pricing for retail investors on Wednesday following a successful underwriting of the $1.78 billion of Jefferson County, Ala., sewer warrants the previous day.

Standard & Poor's upgraded the rating on California's economic recovery bonds to AA from A-plus, with a stable outlook.

Detroit should drop its plan to unwind its costly interest-rate swaps and instead argue the transactions be declared illegal, a former municipal investment banker Wallace Turbeville said in a report released.

Morgan Stanley has cut three public finance bankers from its various offices, according to market participants, including Warren "Bo" Daniels Jr.

House and Senate conferees predicted Wednesday that Congress will approve an $8 billion federal water infrastructure bill by year's end.

The Desert Hot Springs, Calif., City Council voted unanimously to declare a fiscal emergency, the first step in the state's process leading to filing for municipal bankruptcy, according to news reports.

Moody's Investors Service downgraded Atlantic City, N.J.'s general obligation and city-guaranteed debt to Baa2 from Baa1, affecting $219 million in debt.

The project to widen the Panama Canal to let bigger ships through is almost at an end, but the debate on what the financial effects will be on U.S. states and localities is only just beginning.