Caitlin Devitt

Fitch Ratings this week revised its outlook to negative and affirmed its BBB-plus rating on general obligation debt issued by the Cleveland Municipal School District. The action affects $150.3 million of GOs issued in 2002 and 2004.

A Korean battery maker said it would build a $303 million plant to make electric car batteries in the town of Holland.

Officials at the Livonia Public Schools in Wayne County are considering privatizing the district's custodial staff, bus drivers, and food service workers in an effort to offset an expected deficit of nearly $15 million in this year's $140 million budget.

CHICAGO — The Ohio Building Authority today will price approximately $80 million of revenue bonds in a deal that includes traditional tax-exempt debt and taxable Build America Bonds.

CHICAGO — With a pledge by Michigan backing up the debt, below-investment-grade Detroit yesterday captured interest rates ranging from 2.47% to 5.375% on $250 million of distributable state aid limited-tax general obligation bonds.

CHICAGO — Moody’s Investors Service yesterday downgraded and assigned a negative outlook to all of Cleveland’s outstanding debt, warning that a weak economy continues to pressure the city’s fiscal position.

CHICAGO — Indianapolis Mayor Greg Ballard yesterday announced that, pending approval by the city and Indiana, the city would sell its water and sewer systems to a nonprofit group for $425 million and the assumption of $1.5 billion in outstanding debt.

CHICAGO — Indiana would be allowed to privatize two of the state’s largest proposed infrastructure projects under a measure on its way to Republican Gov. Mitch Daniels’ desk.

In his fifth annual state of the city address, Cleveland Mayor Frank Jackson touted several large development projects planned for downtown and said he would push Ohio to allow more cooperation among municipalities looking to partner on services and education.

The mayor of Pontiac, which is in its second year of state-controlled emergency financial management, said he might file a lawsuit challenging the authority of the city’s new financial manager, according to the Detroit Free Press.

Detroit could break ground on the first phase of a long-planned light-rail project along one of its main thoroughfares by the end of the year, Mayor Dave Bing said last week.

CHICAGO — Detroit will enter the market Thursday with $250 million of state aid limited-tax general obligation bonds that the city will use to erase a chunk of its accumulated deficit.

CHICAGO — Michigan would abolish its 10 bond-issuing authorities and consolidate them into the newly created Michigan Finance Authority under an executive order issued by Gov. Jennifer Granholm last week.

CHICAGO — Moody’s Investors Service Friday revised its outlook to negative from stable on Cincinnati’s general obligation debt as the city faces declining income tax revenue, which makes up nearly two-thirds of its general fund.

CHICAGO — As a first step in a three-state expansion, PNC Capital Markets Inc. has opened a Michigan office and hired Anton Colon to head it.

CHICAGO — Underwriters, financial advisers, and bond counsel interested in working on upcoming general obligation issues for Cook County, Ill., have until tomorrow at 10 a.m. to submit their interest to the county.

CHICAGO — Faced with aging infrastructure and a pledge to not raise taxes, Indianapolis Mayor Greg Ballard wants to use public-private partnerships to raise new revenue that could fund water and sewer upgrades and other citywide projects.

Strengthened by a voter-approved income tax increase last year, triple-A rated Columbus will be able to move forward with a number of capital projects this year, Mayor Michael Coleman said in his 11th annual state of the city address last week.

A bill that would have paved the way for Nebraska cities to create separate political subdivisions to issue bonds and impose new taxes appeared dead for the year after lawmakers sent it back to committee Monday.

Fitch Ratings downgraded to BBB-plus from A-minus $30 million of general obligation bonds issued by the Lincoln Park School District outside Detroit.