Yvette Shields

The ratings of Illinois' eight public universities and their collective $2.5 billion of debt face a potential downgrade over exposure to the state's fiscal woes, Moody's investors Service warned.

A lawsuit filed in Cook County Circuit Court against the Illinois Department of Revenue claims changes made in 2012 to the state's charity care law that governs not-for-profit hospitals violates the state constitution.

Chicago's motor fuel tax credit took its second ratings hit in a week with Moody's Investors Service dropping its rating one level to Baa1 over exposure to Illinois.

Ascension Health Alliance will make its first foray into the long-term taxable market this week when it sells $1 billion of refunding bonds in a mix of tax-exempt and taxable paper.

Illinois set the last week of June for its planned sale of $1.25 billion of new-money under its battered general obligation credit and demand for project funding is too great to pull the sale over negative headwinds said John Sinsheimer.

Missouri Gov. Jay Nixon vetoed a gradual $700 million to $800 million tax cut approved by the Legislature, calling the plan irresponsible and harmful to the state's budget and economy.

Illinois Gov. Pat Quinn called a special legislative session for June 19 to try to break the gridlock on pension reform that prompted the second blow to the state's already weak general obligation rating Thursday.

The Chicago City Council ratified revisions to the much-maligned 75-year parking meter lease that Mayor Rahm Emanuel promoted as cutting the city's long-term penalties for lost parking revenue to the private meter operators.

Fitch Ratings lowered Chicago's motor fuel tax revenue bond credit one notch ahead of the a planned $100 million refunding issue, in a move triggered by the agency's downgrade of Illinois.

Iowa lawmakers approved bills retiring $116 million of state debt and implementing a sweeping property tax relief package that could strain local governments.

Longtime Minnesota state economist Tom Stinson is retiring and will hand the reins of the post to economics professor Laura Kalambokidis in July, the Minnesota Management and Budget Department announced Monday.

Standard & Poor's raised its rating on Des Moines Airport Authority by one level to A due to improved debt service coverage ratios.

Fitch Ratings moved Monday to punish Illinois' inaction on pension reform during its legislative session by knocking its general obligation and appropriation ratings down one level and warning of the potential for further deterioration.

Illinois Gov. Pat Quinn's administration started the week bracing for further credit deterioration in response to lawmakers’ adjournment of their regular session without solving the state's pension crisis.

The highly-regarded Rehabilitation Institute of Chicago received a first time rating of A-minus from Fitch Ratings that banks on a successful fundraising campaign to help repay debt being issued to finance a $550 million replacement facility.

The prospects for passage of comprehensive legislation to overhaul Illinois' faltering pension system before lawmakers adjourn Friday dimmed after the Illinois Senate overwhelmingly rejected a House-sponsored reform package estimated to save the state $187 billion in the coming decades.

With the clock ticking on a Friday adjournment, Illinois lawmakers are wrapping work up on fiscal 2014 budget bills but a fix for the state's pension crisis still on the table.

Moody's Investors Service downgraded a portion of Minnesota-based Northern Municipal Power Agency's debt one notch to A3.

Moody's Investors Service has lowered Mercy Hospital's rating one level to A3 due to declines in its operating performance.

Chicago is seeking to reduce the size of the $58 million award an independent arbitration panel ruled the city owes private operators of four downtown city and park district-owned parking garages.