Public finance

As Detroit released preliminary bond documents for next week's $185 million streetlight sale, Fitch Ratings assigned a BBB-plus to the borrowing, saying it believes the utility tax revenues pledged to the bonds are not at risk in the city's bankruptcy.

Watchdog group advises lawmakers to avoid bookkeeping gimmicks in resolving the multi-billion shortfall in the Highway Trust Fund.

Flows among tax-exempt money market funds switched back to negative as they reported the loss of $1.2 billion in the week ended June 16, according to The Money Fund Report, a service of iMoneyNet.com.

CONNECTICUT

ALABAMA

Senators Chris Murphy and Bob Corker have joined forces in a push for higher federal gas taxes to fund highway projects.

Airports want to double the federal passenger facility fee of $4.50 per head, but airlines see no need for the increase.

Miami-Dade County plans to restructure three swaps associated with 1996 and 1997 bonds that have paid off with positive cash flow since being negotiated.

Michigan Gov. Rick Snyder knew a $195 million contribution to Detroit's bankruptcy could concern analysts, but believes it is important, a spokesperson said after Standard & Poor's revised its outlook.

ARKANSAS

ARKANSAS

S&P revises Michigan's outlook down to stable from positive, citing soft revenues as well as its recent contribution to Detroit's bankruptcy.

While states' credit ratings haven't been affected much by climate-related issues, primarily because the federal government has provided aid for those hit by disasters, that assistance may not always be available, a Standard and Poor's official said Tuesday.

Moody's Investors Service has lowered its ratings on $8.5 billion of state and transit agency stand-alone grant anticipation revenue vehicle bonds supported by dwindling revenues from the Highway Trust Fund.

Structural protections and a yield-hungry market are apt to boost interest in bonds for the Detroit Public Lighting Authority, despite the city's ongoing Chapter 9 bankruptcy.

IOWA

Fitch Ratings said Monday it has withdrawn its D ratings on most of Detroit's debt, saying there's no reason to maintain a rating on defaulted bonds.

Foreign equity investment interest in U.S. public-private partnerships at all-time level, a House P3 panel was told.

Two bond insurers that wrap Detroit water and sewer bonds have told bondholders to reject Detroit's bankruptcy plan of confirmation, even as the insurers fight for the exclusive right to vote on the plan.

CALIFORNIA