Public finance

New Jersey's Toms River school district was downgraded two notches by S&P after refusing to adopt a budget and discussing bankruptcy.

The U.S. territory is struggling with debt and pension liabilities as its economy remains weak and federal aid is cut back.

Moody's has downwardly revised the outlook for Baltimore's issuer rating and several classes of bonds due to a trend of declining fund balance levels in a city dependent on a major international shipping port.

Michigan's Great Lakes Water Authority went to market in June with roughly a billion dollars of bonds, part of a complex transaction that included a tender.

School districts across Missouri face uncertainty over certification of their bond measures in light of a statute requiring a precise public notice window.

"Market volatility is likely to pick up, but the latest development does not constitute an escalation in the trade war," according to UBS strategists.

The dueling lawsuits underscores the need for alternative dispute resolution in public-private partnership contracts, said a P3 attorney.

Without the increase U.S. Virgin Islands matching funds bonds would have defaulted in the next few years, some observers said.

The markets are waiting for the Federal Open Market Committee to make its next move.

A New Jersey school district will likely avoid filing for bankruptcy after the state passed a budget that raised property taxes.