Yvette Shields

Chicago officials are scrambling to salvage short-term credit lines and liquidity arrangements after Moody's Investors Service downgraded its bonds, which triggered events in the city's credit contracts allowing banks to demand as much as $2.2 billion.

Moody's Investors Service Tuesday downgraded Chicago to junk-level Ba1.

Chicago, preparing to remarket bonds, again has warned investors of its laundry list of fiscal challenges, newly topped by the potential blow to its own pension reform efforts posed by a ruling last week from the Illinois Supreme Court.

Moody's Investors Service has upgraded the rating of Winterset Community School District in Iowa to A1 from A2.

Missouri Gov. Jay Nixon has signed off on the bills that make up the state’s $26 billion fiscal 2016 spending plan.

Chicago Mayor Rahm Emanuel has tapped veteran aviation official Ginger Evans from the Metropolitan Washington Airports Authority to take the helm of the city's Aviation Department.

Last week’s Illinois Supreme Court ruling voiding legislation that overhauled the state’s pension system ratchets up pressure on the state’s leaders to fix the state’s out-of- balance budget.

The Illinois Supreme Court on Friday struck down legislation that had overhauled state employee pensions, leaving the state burdened with enormous pension liabilities.

Wisconsin’s latest revenue projections are giving state lawmakers little breathing room as hoped to avoid cuts in the next two-year budget.

Illinois Gov. Bruce Rauner’s proposed budget relies on unrealistic and potentially harmful cuts as well as savings that don’t appear achievable, according to a report from Chicago’s Civic Federation.

Illinois Gov. Bruce Rauner called on Chicago City Council members to get behind pieces of his turnaround agenda if they want his backing for their legislative want list.

Struggling to close a $1 billion budget gap, Chicago Public Schools will curtail capital spending in its next budget and take aim at its teachers' labor contract.

Chicago Mayor Rahm Emanuel has tapped public transit veteran Dorval R. Carter Jr. to take the helm of the Chicago Transit Authority.

Rookie Illinois Gov. Bruce Rauner and the General Assembly enter the last month of the regular legislative session without visible progress on a state budget or the governor's proposed 'turnaround' plan.

Chicago's pension woes run so deep they pose a long-term fiscal threat even if the city overcomes pending legal and political hurdles to its stabilization efforts, Moody's Investors Service warns in a new report.

Chicago’s chief financial officer, Lois Scott, and municipal market participants, look back on her tenure as she prepares to leave the office after four years.

Chicago's chief financial officer, Lois Scott, formally submitted her resignation Friday.

Moody's Investors Service has stripped a suburban Chicago suburban park district of its investment grade rating due to concerns it will default on near term debt service payments.

Chicago’s CFO, Lois Scott, is promoting the city's new plan to take on $200 million of new debt to pay for canceling interest-rate swaps and to phase out debt restructurings.

Chicago will phase out the use of scoop-and-toss debt restructuring, convert a $900 million floating rate portfolio to fixed and exit the attached interest rate swaps under measures announced by Mayor Rahm Emanuel Wednesday.