Economy

Moody's Investors Service downgraded the rating on bonds sold for Wake Forest Baptist, N.C., to A1 from Aa3 on Wednesday citing an unexpected decline in financial performance. The action affects $597.2 million of outstanding bonds.

Louisiana Bond Commission to pick underwriters and bond counsel for $173 million refunding of highway revenue bonds.

The Florida Cabinet Tuesday authorized the issuance of up to $490 million of turnpike refunding bonds to lower interest rates within existing maturities.

The California High-Speed Rail Authority authorized the eventual sale of $8.6 billion of bonds to fund the first stage of a 500-mile bullet train system.

The New Jersey Turnpike Authority is selling $1.4 billion in revenue bonds to support a $7 billion capital program.

Kansas's 10-year, bond-financed highway program will slow to a crawl if lawmakers allow a sales tax to expire and divert transportation funds to other purposes, said Transportation Secretary Mike King.

The Ohio Senate last week approved a $7.6 billion, two-year transportation budget that includes authority to issue $1.5 billion of bonds backed by a new Ohio Turnpike credit to generate up to $3 billion for transportation projects.

Moody's Investors Service last week downgraded to A3 from A2 its rating on Adena Health System, Ohio and revised the outlook to negative from stable.

County executives in southeast Michigan made their final appointments to a newly created four-county Regional Transit Authority.

Standard & Poor's has raised Rush University Medical Center Obligated Group's rating by one notch to A in recognition of the system's new patient tower and good operating performance.

The New York Thruway Authority says it is in the process of obtaining a $1.5 billion TIFIA loan, but U.S. DOT guidelines indicate the loan would be at least $200 million less.

Chicago narrowed the field of potential bidders on a Midway Airport lease down to six from among 16 responses it received during its request for qualifications process.

State senators seek more financial oversight of Kansas Turnpike Authority by merging it into Kansas Department of Transportation.

Medicaid and Medicare funding cuts under the new federal health care law could force states to choose whether to compensate hospitals with their own dollars or let hospitals' credit quality decline, Moody's said.

A judge has overturned a step by the State University of New York aimed at restoring financial health to the SUNY Downstate Medical Center.

Chicago's motor fuel tax credit was downgraded three nothes by Moody's Investors Service as the agency notched the credit with Illinois bond rating.

After returning its balance sheet to the black, the Illinois International Port District plans to bolster its role in economic development and job creation by turning to private managers to raise the needed capital.

The Los Angeles City Council approved plans for a downtown street car last Wednesday that include up to $352 million over 30 years for operations costs, according to news reports.

Virginia's Elizabeth River Crossings tunnel project has been named the 2012 North America Toll Road Deal of the Year by Project Finance Magazine.

While it continues to assess less visible Hurricane Sandy damage, New York's MTA must move quickly on initial repair work, according to federal guidelines.