Yvette Shields

High yields and a statutory lien on state aid are what the junk-rated Chicago Public Schools offer investors willing to overlook its precarious cash ledger, bleak budget outlook, and downward credit spiral.

Standard & Poor's socked the already junk-rated Chicago Board of Education with a two-notch downgrade Friday as the fiscally embattled district prepares to come to market later this month.

Michigan Gov. Rick Snyder is requesting a federal emergency declaration and supporting a shift of more executive powers back to Flint Mayor Karen Weaver as the city grapples with a water crisis that could cost more than $1 billion to fix.

The Detroit Public Schools could see a fiscal fallout if organized “sick-outs” by some teachers are prolonged, Moody’s Investors Service warns in a new report.

Illinois paid higher yield penalties than it did before its budget fell into gridlock when it competitively priced a $480 million general obligation issue.

The Chicago City Council signed off on a $2.45 billion borrowing package that was temporarily trimmed by $800 million due to council members’ questions over capital projects and the administration’s swap termination plans.

Pricing results on Chicago’s $500 million general obligation refunding and restructuring bond pricing Monday showed narrower spread penalties for the first such deal from the city since a large property tax increase.

The Chicago City Council votes as soon as Wednesday on more than $2.6 billion of bonding after a day-long finance hearing in which aldermen forced Mayor Rahm Emanuel's administration to downsize a GO bond request.

Weaker results in the current fiscal year prompted one rating agency to shift its outlook on Michigan-based Trinity Health Credit Group's high-grade rating to negative ahead of its sale of $568 million of new-money and refunding bonds.

The lack of supply to meet demand – especially for yield – is seen as benefitting Chicago, Chicago Public Schools, and Illinois when all three fiscally distressed credits land in the bond market during the next two weeks.

Standard & Poor’s bumped Memorial Group Inc. out of junk territory thanks to support provided by the stronger rated BJC Healthcare system.

Illinois’ not-for-profit hospitals are facing new uncertainty over their local tax exemptions and charity care obligations after an appellate court voided a 2012 law governing their community benefit requirements.

Chicago’s public finance community was stunned to learn of the sudden death over the holidays of veteran municipal market professional Adrienne J. Archia. She was 53.

Illinois political dysfunction that’s driven a more than six-month-old fiscal 2016 budget stalemate won’t alone drive a downgrade, Standard & Poor’s says in a new report.

Chicago will offer its long planned $500 million general obligation refunding next week with plans for another $3.6 billion of new money, refunding, and restructuring GO and revenue-backed borrowing in its 2016 pipeline.

Illinois’ first bond offering statement in 20 months lays out a trove of warnings about the state’s stressed fiscal condition, from failed pension reforms and budget gridlock to its weakened credit and negative swap valuations.

Illinois Gov. Bruce Rauner’s task force on local government consolidation and unfunded mandates offered 27 recommendations to streamline government operations.

The Great Lakes Water Authority officially opened its doors Jan. 1, ushering in a new era of regional water management under an entity that is now the caretaker of more than $5 billion in Detroit water and sewer bonds.

Illinois Gov. Bruce Rauner said if legislation subjecting local mayors to recall elections passes, he would sign it.

Missouri officials are waiting for the National Football League to decide if the St. Louis Rams can relocate despite a $1 billion stadium financing package designed to keep the team from leaving.