Caitlin Devitt

The Silverdome, the former home of the Detroit Lions, will be sold next month at auction.

CHICAGO — Moody’s Investors Service downgraded Akron’s general obligation and income-tax backed debt as the Ohio city struggles with a budget deficit and heads into what is expected to be a tough 2010.

Officials are looking at the possible refunding of the bulk of Detroit’s $8.4 billion in debt as one in a series of moves that a recent report said could save the cash-strapped city up to $600 million.

Traverse City last week won a two-notch upgrade on its general obligation debt from Standard & Poor’s to AA-plus from AA-minus.

Indiana Gov. Mitch Daniels last week called for another round of budget cuts after reports showed revenue collections coming in 8% below original forecast.

CHICAGO — Henry Ford Health Systems is expected to enter the market this week with $322 million of new-money and refunding revenue bonds as part of the system’s scaled-back capital campaign to expand its services across southeast Michigan.

CHICAGO — As federal stimulus funds that many states have relied on to balance their budgets run out, states will face tough decisions over how to adapt to a lower revenue environment, a Moody’s Investors Service analyst said at a conference here this week.

CHICAGO — The market for tax-credit bonds created by the federal stimulus is expected to take off despite a sluggish start and remaining questions surrounding the so-called tax-stripping option, said participants at The Bond Buyer’s Municipal Finance in the Stimulus Era conference here yesterday.

CHICAGO — Local governments in Indiana should brace for larger-than-expected revenue losses next year under the state’s sweeping new property tax law, lawmakers and fiscal officials are warning.

Standard & Poor’s downgraded $23 million of bonds issued for Clark Retirement Community Inc. by the Michigan Strategic Fund to BBB-minus and revised its outlook to negative.

Standard & Poor’s revised its outlook to negative from stable on debt issued for Memorial Health System in South Bend.

Fitch Ratings has upgraded the Cook County Forest Preserve District’s general obligation debt to AA-minus from A-plus in recognition of improved finances.

CHICAGO — Just months after it implemented a series of reforms meant to reduce pension costs, Cincinnati will now need to triple its annual pension contribution in order to meet its annual required contributions.

CHICAGO — Michigan lawmakers will have another month to tackle a $2.8 billion deficit after they approved a 30-day interim budget following a brief government shutdown early Thursday morning amid disagreements over a permanent 2010 budget.

CHICAGO — Gov. Ted Strickland has proposed delaying a planned income-tax cut for two years to fill an $850 million hole that opened up in the budget last week following an Ohio Supreme Court decision that requires the state seek voter approval for a gaming expansion plan.

CHICAGO - A weak economy, slow housing market, and too much variable-rate debt took their toll on continuing-care retirement communities over the last year and are expected to continue to trouble the sector throughout next year, Fitch Ratings said in a report released yesterday.

CHICAGO - American Municipal Power Inc. in Ohio will enter the market today with $480 million of taxable revenue bonds in a transaction that will nearly complete the utility's financing of its share of the $4.36 billion coal-fired Prairie State Generation Station.

William Beaumont Hospital outside Detroit this week said it would cut 353 jobs, its third round of layoffs in a year.

A week after Michigan Gov. Jennifer Granholm declared the city of Ecorse to be in a state of financial emergency, the Federal Bureau of Investigation arrested the mayor and city controller on charges of public corruption.

The Flint-based McLaren Health Care System announced this week it would build a proton beam radiation therapy center, putting it ahead of five other systems that have battled for more than a year to be the first to build the potentially lucrative cancer center in the state.