Central Plains Recovery to Outpace Rest of U.S., Moody’s Says
Central Plains states and cities are showing signs of recovery sooner than the rest of the U.S., thanks to strong commodities prices, lower unemployment and more stable housing, Moody’s Investors Service said.

U.S. State Revenue Decline Will Go On, Report Says (Update1)
U.S. states, which are closing $250 billion of budget deficits, will be forced to grapple with diminished revenue until at least 2012, a survey of fiscal officials found.

Alabama County to Use JPMorgan Settlement for Reserve (Update1)
Jefferson County, Alabama, plans to use $50 million it receives from JPMorgan Chase & Co. as part of a settlement of a federal probe into derivative sales to bolster budget reserves and reinstate a 40-hour work week for employees.

JPMorgan Arranging Alabama Swaps Provided Payoffs, SEC Shows
JPMorgan Chase & Co.’s Charles LeCroy explained to a colleague in 2003 how he planned to keep his job as the chief bond banker to Jefferson County, Alabama.

JPMorgan Ends SEC Alabama Swap Probe for $722 Million (Update4)
JPMorgan Chase & Co. agreed to a $722 million settlement with the U.S. Securities and Exchange Commission to end a probe into sales of derivatives that helped push Alabama’s most populous county to the brink of bankruptcy.

JPMorgan Ends SEC Alabama Swap Probe for $722 Million (Update2)
JPMorgan Chase & Co. agreed to a $722 million settlement with the U.S. Securities and Exchange Commission to end a probe into sales of derivatives that helped push Alabama’s most populous county to the brink of bankruptcy.

Irish Rating Cut Two Levels to AA- By Fitch, Citing Deficit
Ireland had its credit downgraded two levels by Fitch Ratings, which cited a widening budget deficit and the rising cost of bank-rescue measures.

Fitch Downgrades Ireland’s Issuer Default Ratings to AA-
Fitch Ratings downgraded the Republic of Ireland’s long-term foreign and local currency issuer default ratings to AA- from AA+ respectively. The outlook on the long- term IDR is stable.

California Sells $3.5 Billion of Bonds, Cuts Yields Below 5%
California sold almost $3.5 billion of tax-exempt bonds after raising prices and cutting yields as much as 0.15 percentage point from earlier estimates, in part because of a rebound in demand from individual investors.

Fitch Says East Europe Deficits Spell Rating Pressure (Update2)
Emerging Europe’s widening public deficits and debt levels have put the region’s credit ratings under pressure even as access to market financing improves, Fitch Ratings said.