News and Information from Bond Buyer

Standard & Poor's Ratings Services said it raised its rating on Longview, Texas' outstanding general obligation bonds to AA-plus from AA.

Atlanta Federal Reserve Bank President Dennis Lockhart Tuesday painted the picture of an economy that is neither firing on all cylinders nor regressing, with the worry remaining that expectations for stronger growth next year may again turn out to be wrong.

The group of motorists who lost their challenge to the Elizabeth River Tunnels public-private partnership in the Virginia Supreme Court are asking the court to rehear the case, as the commonwealth's governor-elect suggests he is interested in working to lower the planned toll rates for the tunnels.

The tax-exempt market traded steady to a few basis points weaker Tuesday afternoon as the secondary faded and market participants prepared for pricings of new deals.

Georgia Gov. Nathan Deal said net tax collections for October totaled $1.46 billion, an increase of 5.9% percent compared to October 2012.

The California State Public Works Board is leading the new issue calendar this week with a $625 million sale of lease revenue bonds scheduled for Thursday.

New data indicates that 25 of the most populous U.S. cities hold different problems, with Washington D.C and Chicago at different ends of the fiscal health spectrum, when comparing unfunded liabilities and contribution levels,Morningstar says.In its Nov. 12-released report, titled “The State of City Pension Plans 2013: A Deep Dive Into Shortfalls and Surpluses,” the Chicago-based independent research firm states that the nation’s capital is the strongest with funding at 104.9% for its more than $5.3 billion actuarial assets.However, Chicago, which has more than $10.5 billion in total pension assets, is approximately 35.2% funded, according aggregate data retrieved through city actuarial and annual financial reports.

The American Bankers Association has issued guidance designed to help members determine if they need to register as municipal advisors under the Securities and Exchange Commission's registration rule.

Minneapolis Federal Reserve Bank President Narayana Kocherlakota warned Tuesday that reducing Fed asset purchases from current levels would exert a "drag" on an already sluggish economy and said the Fed should consider expanding bond buying and taking other steps to stimulate the economy to achieve "maximum" employment "as rapidly as it can."

An FBI fraud investigation of the Grand Junction Regional Airport Authority in western Colorado could have a long-term impact on the airport’s credit, according to Moody's Investors Service.

The Federal Open Market Committee's recent statement that tapering will depend on the economic outlook and the "costs and efficacy," could suggest to some The FOMC "is not following a goal-oriented approach to monetary policy," Federal Reserve Bank of Minneapolis President Narayana Kocherlakota said Tuesday.

The Illinois Finance Authority is selling $134.5 million of top-rated state revolving fund bonds in a deal that marks the state's first SRF borrowing in nine years and ushers in an expanded $1 billion loan program.

Atlanta Federal Reserve Bank President Dennis Lockhart Tuesday said he would support a change in forward guidance when the central bank decides to begin to pull back on its $85 billion monthly asset purchases.

Fitch assigned preliminary non-investment grade ratings to bankrupt Jefferson County, Ala.'s upcoming $1.7 billion sewer warrant sale.

Assured Guaranty, the biggest municipal bond insurer, reported a 30% decline in the third quarter profit due to lower scheduled net earned premiums.

Washington, D.C., and Detroit have the strongest funded pension plans, with Chicago the weakest, Morningstar Inc. said in a research report.

The Treasury Department Tuesday auctioned $30 billion of three-year notes with a 5/8% coupon at a 0.644% yield, a price of 99.943637.

Tender rates for the Treasury Department's latest 91-day and 182-day discount bills were higher, as the three-months incurred a 0.075% high rate, up from 0.050% the prior week, and the six-months incurred a 0.095% high rate, up from 0.085% the week before.

Puerto Rico was actively traded in the tax-exempt market Tuesday morning, even with a drop in overall volume and light trading of Chicago general obligation bonds following a three-notch downgrade by Fitch Ratings.

The Treasury Department said Tuesday it will sell $45 billion of four-week discount bills Wednesday.