Caitlin Devitt

Moody’s Investors Service last week dropped Taylor’s general obligation limited-tax rating three notches to Baa3 from A3.

Michigan Gov. Rick Snyder last week appointed a seven-member review team to examine Inkster’s finances after a preliminary review found evidence of fiscal stress.

Detroit, which is edging closer to a state takeover, could be on the hook for hundreds of millions in termination fees tied to its derivatives contracts on more than $2.5 billion of outstanding debt if the state appoints an emergency manager.

Detroit, which is edging closer to a state takeover, could be on the hook for hundreds of millions in termination fees tied to its derivatives contracts on more than $2.5 billion of outstanding debt if the state appoints an emergency manager.

The Michigan Senate Thursday approved legislation that would make Michigan the third state to issue bonds to repay federal loans for unemployment benefits.

Michigan Gov. Rick Snyder is expected to announce a review of Detroit's finances — the first step toward a possible state takeover.

CHICAGO — Blaming a bad housing market and the failure to reach an agreement with bondholders, an Ohio senior-living facility that missed its most recent debt-service payments filed for Chapter 11 protection last week.

CHICAGO — Michigan Gov. Rick Snyder Tuesday announced the appointment of an emergency financial manager for Flint, finalizing the state's takeover of the struggling city.

CHICAGO — Michigan Gov. Rick Snyder Tuesday announced the appointment of an emergency financial manager for Flint, finalizing the state's takeover of the struggling city.

Moody's Investors Service last week affirmed its Baa1 rating on Summa Health System in Ohio.

A group opposed to Michigan's new emergency financial manager law for fiscally stressed municipalities said it is closing in on its goal of gathering enough signatures to suspend the law until it is voted on next November.

CHICAGO - Ohio has picked KPMG LLP as lead advisor for a proposal to privatize the Ohio Turnpike.

Proponents of a measure to increase South Dakota’s sales tax to fund K-12 and Medicaid said they have gathered more than twice the required signatures to put it on next year’s ballot.

Moody’s Investors Service placed Cleveland-based MetroHealth System on watch list for potential downgrade due to a decline in financial performance through the first nine months of fiscal 2011. The credit is rated A2.

Athens-based Ohio University will spend $1 billion over the next six years for capital improvements, most of it financed with bonds.

Two days after delivering a much-anticipated speech outlining Detroit’s fiscal problems, Mayor Dave Bing announced he would eliminate 1,000 positions — or 9% of the city’s workforce — by the end of February.

CHICAGO - Gov. Rick Snyder dodged a bullet Friday when a divided Michigan Supreme Court affirmed his controversial move to tax retirement income, a measure that balances the two-month-old 2012 budget and is part of the Republican governor's ambitious overhaul of the state's tax code.

CHICAGO - The Cook County, Ill., Board of Commissioners late Friday approved a $2.9 billion 2012 budget that credit analysts praised as taking some steps toward long-term structural reform for the nation's second-most-populous county.

CHICAGO - Michigan Gov. Rick Snyder said Thursday he expects Detroit officials will soon request a preliminary financial review - the first step toward a state takeover of the city.

CHICAGO - The U.S. market for public-private partnerships remains small and fragmented, marred by hurdles like clashing legislation and political controversy, in contrast to Canada and Europe, panelists said at The Bond Buyer's Transportation/P3 Conference here.