Caitlin Devitt

CHICAGO - Fitch Ratings hit Detroit with a downgrade, pushing its debt two notches further into junk territory.

CHICAGO - Standard & Poor's revised its outlook to negative from stable on a small Michigan hospital that is facing the possibility of accelerated debt-service payments on its debt, all of which has been either privately placed with a bank or is in the form a bank loan.

CHICAGO - The treasurer of Cook County, Ill., Tuesday said she was shocked by recent figures showing that the county's local governments together owe $108 billion - nearly a quarter of which is due to unfunded pension liabilities.

The Michigan Supreme Court last week accepted Gov. Rick Snyder's request to hear a case regarding the constitutionality of taxing retirement income.

A well-known anti-gambling veteran said last week that he would "sue everybody" tied to a recent deal between Ohio Gov. John Kasich and the developers of two new casinos in Cincinnati and Cleveland.

Bloomington plans to issue $13 million of revenue bonds to finance the acquisition of 12 acres of downtown property from Indiana University. The city hopes to then sell the land to a developer for residential and retail projects.

The Central Indiana Regional Transportation Authority, a quasi-governmental organization that promotes public transit, said last week that it has launched a petition drive to support local funding options for public transportation.

CHICAGO - Michigan Gov. Rick Snyder has created a new school system that will take over the state's worst-performing schools, starting next year with 39 in Detroit.

CHICAGO — U.S. Sen. Mark Kirk of Illinois unveiled legislation Monday that would promote public-private partnerships for transportation projects by lifting federal restrictions on tapping private financing for airports, highways, and railroads.

CHICAGO — A Michigan city in receivership paid interest rates in the 6% range to sell a chunk of financial recovery bonds last week.

CHICAGO - Cincinnati is expected to enter the market Tuesday with about $80 million of unlimited-tax general obligation debt that is part of the city’s regular annual borrowing to finance capital projects.

CHICAGO - Moody's Investors Service Thursday hit Cook County, Ill., with a downgrade, affecting $3.5 billion of outstanding general obligation bonds issued by the nation's second-largest county.

CHICAGO - One of Michigan's top bond firms has launched a program to help fiscally stressed local governments navigate a slew of new laws crafted by Gov. Rick Snyder and passed by the Legislature this year.

Cleveland legislators Monday introduced a bill to create a jobs program modeled after Franklin D. Roosevelt’s federal Works Progress Administration.

Michigan Gov. Rick Snyder, Treasurer Andy Dillon, and budget director John Nixon met with analysts from all three major rating agencies earlier this week in a bid to boost the state’s credit.

Indianapolis Mayor Greg Ballard last week announced a plan to build a $15 million parking garage financed in part with proceeds from the $20 million the city received by leasing its parking meters for 50 years. The city last week announced the selection of a developer and operator of the new mixed-use parking development. The lot will have 350 spaces, retail space, and a police substation.

Standard & Poor's last week affirmed the state's prized AAA rating, and fiscal officials announced that recent revenue figures continue to exceed expectations. A new national report, meanwhile, notes that the Hoosier State's economy saw the third-largest growth rate last year, driven by a recovery in manufacturing.

CHICAGO - Moody's Investors Service Thursday lowered its rating on Ohio-based Mercy Medical Center to its lowest investment-grade level — and revised its outlook to negative — warning that the facility is suffering from a sharp decline in its fiscal position.

CHICAGO — The Michigan Strategic Fund will enter the market next week with $122 million of revenue bonds to refund debt issued seven years ago to acquire and renovate a downtown Detroit landmark.

CHICAGO — Following passage of a new state law aimed at assuaging investor fears of bankruptcy, the city of Ecorse next week will sell $9.3 million of financial recovery bonds, making it one of Michigan’s only municipalities to enter the bond market while under state-controlled receivership.