Public finance

Moody's Investors Service raised its outlook on the toll road industry to stable from negative as toll revenues continue a slow but steady recovery.

ARKANSAS

ALABAMA

Lebenthal & Co. said it will begin trading on MuniAxis, its new platform for odd-lot municipal bond transactions, as the market opens on Dec. 12.

Investors endorsed Illinois’ pension restructuring legislation with state paper trading at tighter spreads while rating agencies, though cautious, called the overhaul a positive step.

Auction house Christie's said a slice of Detroit's art collection could be worth between up to $846 million, far less than creditor speculations.

California water and sewer utilities have performed well in the past year, with the average agency rated AA, according to Fitch Ratings.

Massachusetts will hold its third annual investor conference, which Treasurer Steven Grossman touts as art of the commonwealth's enhanced investor disclosure program.

Coalition of labor and business executives support legislation to raise the federal gasoline tax by 15 cents per gallon to fund transportation infrastructure.

After 14 straight quarters of revenue growth, most U.S. states are heading into the new year with a stable outlook even as local governments will continue to feel the financial pressures they experienced over the course of the economic downturn, according to Fitch Ratings.

ARKANSAS

ILLINOIS

Detroit is eligible for bankruptcy protection, the federal judge overseeing the case ruled Tuesday.

Rep. Earl Blumenauer, D-Ore., will introduce a bill phasing in a 15 cent increase in the federal gasoline tax, currently at 18.4 cents per gallon.

ILLINOIS

CALIFORNIA

A House committee chairman made clear at a hearing on Monday that it may take Congress years to determine whether to amend a nearly 100-year-old law to allow the District of Columbia to raise the heights of some buildings to accommodate increased growth and obtain more tax revenue.

A four-person team of experienced professionals will help lead the American Association of Airport Executives.

The municipal market is struggling to tread water Monday as light new-issue volume battles against fading Treasury yields to provide direction.

Tax-exempt money market funds had $1.08 billion in outflows, reducing total net assets to $262.74 billion in the week ended Nov. 25, according to The Money Fund Report, a service of iMoneyNet.com.