News and Information from Bond Buyer

Fitch Ratings placed the BBB-minus rating of Puerto Rico's general obligation bonds on rating watch negative, citing in part concerns about market access.

The municipal bond market ended with a firmer tone Thursday with strong reception for the week’s largest deals in the primary and a higher Treasury market coming off of Janet Yellen’s comments on accommodative monetary policy.

The University of Texas Regents approved $265.5 million of bonds backed by the state's Permanent University Fund.

Karin R. Werness, a banker in public finance with more than 30 years of experience whom friends and colleagues said brought an intellectual and tireless vigor to her work, died last week. She was 64.

Legislation introduced in the Senate Thursday would create a new financing authority that would provide loans and loan guarantees for infrastructure projects.

Action by Congress to eliminate both the tax exemption for municipal bonds and the state and local tax deduction would cause the loss of $71 billion or 0.35% of total gross domestic product and about 417,000 jobs or 0.28% of total employment over the next decade, two government groups said Thursday.

Dealers want to extend the implementation of the Municipal Securities Rulemaking Board's suitability rules and lengthen the time they have to disclose purchases of municipal bonds. They also want it made clear that a broker-dealer has reduced duties to sophisticated municipal market professionals.

The proposed merger of US Airways Group and American Airlines could be bad news for smaller airports as the combo unit gives up gates at major hubs, Moody's says.

Municipal borrowers looking to expedite the process to tap the Transportation Infrastructure Finance and Innovation Act program for project loans should bring a thorough financing package to the table and be flexible in negotiating terms, loan recipients offered up as advice Thursday.

The federal judge overseeing Detroit's bankruptcy case ruled Thursday that the city must reveal the fees it plans to pay to Barclays for a $350 million debtor-in-possession financing, one of the few DIP loans for a municipality in Chapter 9.

The Federal Reserve's role as a financial supervisor is just as important as its monetary policy duties, Vice Chair Janet Yellen said Thursday during her nomination hearing before the Senate Banking Committee.

Bankrupt Jefferson County, Ala.'s former financial advisor James White revealed "privileged" information and violated his fiduciary duties, attorneys for the county claim.

The tax-exempt market was firmer Thursday afternoon as the week's largest deals saw positive reception and muni bond prices caught up to higher Treasuries.

Ambac Financial Group, the bond insurer that emerged from bankruptcy this year, reported $231 million of profit in the three months ended Sept. 30, up 46% from $158 million last year.

Standard & Poor's upgraded Oklahoma Water Resources Board's state loan program revenue bonds to AAA from AA-plus based on a higher general obligation pledge.

The Treasury Department Thursday auctioned $16 billion of 30-year bonds with a 3 3/4% coupon at a 3.810% high yield, a price of 97.618838.

An Escondido, Calif. charter school foundation that went into technical default on its bonds in July 2012 has received an improved outlook for its BB-minus rating from Standard & Poor's.

Los Angeles Department of Airports bonds received a healthy reception as the operator of Los Angeles International Airport hits the halfway mark on a $7.2 billion modernization project.

During a board meeting Wednesday, the University of California's new president proposed a tuition freeze for the next academic year in order to keep costs affordable.