Yvette Shields

The Chicago Park District paid a steep yield penalty for its Chicago ties on a recent sale although it managed to trim spreads from a 2015 issue.

The constitutional amendment passed by Illinois voters putting transportation related revenues in a lockbox was labeled by Moody's Investors Service as a negative credit factor for the state.

Chicago Public Schools fell further into junk territory with a downgrade to B from B-plus from S&P Global Ratings.

The picture for Illinois' state employee pensions has become bleaker, and the struggling state faces a $1 billion hike in contributions due next year.

CHICAGO – The junk-rated Chicago Public Schools will begin tapping $1 billion of Board of Education-approved new money and refunding borrowing authority in a deal expected as soon as next week.

The Illinois Sports Facilities Authority took a four-notch rating blow because of worries that its state debt service appropriation is at risk due to continued state budget gridlock.

The results Thursday on an Illinois general obligation sale and a Chicago airport revenue-backed deal highlight the market’s diverse sentiments on the city and state’s paper and their respective security features.

The Chicago Board of Education will vote next month to revise its $5.4 billion fiscal 2017 budget to incorporate $55 million of added costs under a four-year labor contract ratified by teachers this week.

Chicago’s proposed $8.2 billion 2017 budget won the Civic Federation of Chicago’s endorsement in recognition of the city’s progress in tackling pension funding shortfalls and shedding poor financial practices.

A federal appellate panel dealt a setback Monday to the proposed merger of two Illinois based systems -- Advocate Health Care and NorthShore University HealthSystem.

Illinois heads back into the market Thursday with investors and analysts looking ahead to the Nov. 8 election because the outcome of legislative races could influence the state’s longstanding budget gridlock.

Illinois’ state capital took a two-notch credit blow over its growing pension burden.

Stand-alone Chicago-based Swedish Covenant Hospital was affirmed by one rating agency and dropped one notch to BBB by another ahead of its $120 million new money and refunding sale.

The not-for-profit healthcare sector is holding steady but may have peaked as persistent long-term challenges threaten to undercut gains that have bolstered margins, says S&P Global Ratings health care analyst J. Kevin Holloran.

The junk-rated Chicago Board of Education approved $840 million of new money borrowing backed by a citywide capital improvement tax levy and another $160 million of refunding bonds.

The Chicago Park District heads into the market with a $119 million issue with pension reform clouds overshadowing its strong operating results and double-A ratings.

Illinois voters will decide Nov. 8 whether to bar future diversions of transportation revenues to balance budgets or fund non-transportation related expenses.

Junk-rated Chicago Public Schools will ask its Board of Education for authority to sell up to $840 million of bonds backed by a new citywide capital improvement tax levy.

The Illinois State Toll Highway Authority's proposed 2017 budget calls for nearly $1 billion in capital spending supported by $300 million in toll-backed borrowing.

Any delays in Illinois' monthly contributions pose a negative credit risk to the state, Moody's Investors Service said Friday.