Yvette Shields

Standard & Poor's stripped investment grade ratings from Lombard, Ill. for failing to honor its appropriation commitment on bonds for a hotel and conference center that hasn't generated revenue to repay $190 million in borrowing.

The Illinois Finance Authority board gave preliminary approval to a nearly $200 million financing planned by Centegra Health System to build a new hospital far northwest of Chicago.

The fiscal condition of pension systems for Chicago, its sister governments, Cook County, and the state's municipal pension fund deteriorated in 2012, a report said.

Cadence Health and Rockford Health System, two Illinois hospital systems that signed a letter of intent to merge in November, have decided cancel the proposed union.

Davenport, Iowa won an upgrade from Standard & Poor's and a downgrade Moody's, landing its rating squarely at the same level in the low double-A- category.

Ann & Robert Lurie Children's Hospital in Chicago won an upgrade from Standard & Poor's in recognition of its improved balance sheet and successful transition to its replacement hospital.

Cuts in Barclays' investment banking units claimed at least 10 municipal professionals in the firm's top-10 ranked municipal broker-dealer, according to numerous sources.

Illinois put a price tag of $60 million on the savings on its $1 billion general obligation sale Thursday attributed largely to investors rewarding the state for a recently enacted pension overhaul.

Competitive bids Thursday on $27 million of revenue bonds will fund a new University of Iowa dormitory to help deal with a housing crunch due to rising enrollment.

The Chicago City Council approved the appointment of a new comptroller and up to $1.9 billion of general obligation and Midway Airport borrowing at its meeting Wednesday.

Illinois' $1 billion general obligation sale Thursday is expected to benefit from improved investor appeal following a pension system overhaul but ratings agencies haven't altered their Illinois ratings.

Illinois Gov. Pat Quinn wants to push back the scheduled Feb. 19 release of his fiscal 2015 budget until March 26.

Chicago city council members, who have long scrutinized minority and women-owned business participation in city bond deals, are turning their attention to the racial makeup of non-minority-owned firms awarded debt sales.

The University of Illinois heads to market with a $180 million new money sale that offers investors high grade state-related paper from a credit that has mostly weathered the state's own ratings deterioration.

Illinois House Speaker Michael Madigan introduced legislation to cut the state's business tax in half as state lawmakers shift their focus in the new legislative session from pension reform to taxes.

Standard & Poor's and Moody's both revised their outlooks to negative on the University of Chicago noting poorer than expected fiscal performance, planned deficits, and future borrowing plans.

Law firm Thompson Coburn LLP is bolstering its public finance team in Chicago with the addition of veteran public finance attorney Thomas Smith.

A broad coalition of Illinois unions accuses the state of pension "theft" in its long anticipated lawsuit that seeks to overturn the state's pension system overhaul before it takes effect in June.

Illinois Gov. Pat Quinn, in his state of the state speech, sought to highlight the state's fiscal strides, notably a major pension overhaul, but was quiet about the state's considerable remaining financial challenges.

Chicago is prepping two general obligation bond sales that will offer the first test of the market's appetite for the city's GO paper since being slapped with two three-notch downgrades over its pension woes.