Yvette Shields

CHICAGO — Municipal investors shouldn’t automatically shun an issuer’s debt due to a severe unfunded pension obligation without a more in-depth review that includes an issuer’s ability to address the liability, Nuveen Investments suggests in a new report on state and local pensions for investors.

CHICAGO — The Metropolitan Pier and Exposition Authority of Illinois will enter the market next week with nearly $1.2 billion of mostly refunding revenue bonds in the first phase of a debt portfolio restructuring intended to provide near-term fiscal relief and long-term financial stability.

Standard & Poor’s upgraded the city of Carver’s general obligation rating one notch to AA-minus, citing its strong reserve levels and good financial management.

The Cook County Board of Commissioners’ earlier this month gave their preliminary approval to a plan to use $90 million in federal recovery zone facility bonds to help support Navistar International Corp.’s expansion plans.

An Illinois appellate court has upheld a DuPage County court ruling allowing Chicago to acquire St. Johannes Cemetery, paving the way for a new runway at O’Hare International Airport as part of an ongoing $8 billion expansion project that is being partly financed with bonds.

CHICAGO — Illinois has picked Public Financial Management Inc. to serve as financial adviser and Citi and Barclays Capital to lead a team of 11 broker-dealers on its sale of up to $1.75 billion of tobacco bonds planned for later this year to provide budgetary relief, sources said.

CHICAGO — Illinois hospitals pump more than $75.1 billion into the state’s economy annually and provide about $4.9 billion in community benefits, including $500 million in charity care, a new report from the Illinois Hospitals Association asserts.

CHICAGO — Moody’s Investors Service on Thursday warned Illinois that its A1 general obligation rating is at risk for a downgrade due to escalating strains from massive pension obligations, reliance on one-times revenues, and an increasing debt load amid a fragile economic recovery.

CHICAGO — A federal bankruptcy court judge on Tuesday approved Senior Care Development LLC’s $40 million bid to purchase two Chicago area bond-financed continuing care retirement communities although the size of a final payout for bondholders remains unclear.

CHICAGO — The Chicago Board of Education on Wednesday paved the way for a Chicago Public Schools sale of up to $800 million of new-money and refunding general obligation debt and qualified school construction bonds as soon as next month to help pay for the 2011 capital budget and ease an operating deficit.

Fitch Ratings last week affirmed St. Louis-based Lutheran Senior Services’ A-minus rating but warned of the possibility of a future downgrade of the system.

Fitch Ratings upgraded to A from A-minus the Bi-State Development Agency of the Missouri-Illinois Metropolitan District’s 2002 and 2007 debt due to its improved financial condition, helped by the passage of a sale-tax rate hike.

Illinois Gov. Pat Quinn and transportation officials last week announced the start of a $98 million project to upgrade 90 miles of existing railroad track between Alton and Lincoln to prepare the line for high-speed trains.

Chicago Transit Authority president Richard Rodriguez last week said the agency plans to trim $50 million from its next budget by cutting about 70 vacant administration positions and through other measures.

CHICAGO — United Airlines and Continental Airlines Inc. are on track to close a merger on Oct. 1 that would create the world’s largest airline based on passenger volume, after shareholders endorsed the union Friday.

CHICAGO — A Minnesota judge this week kept alive a lawsuit filed by retirees against the state’s public pension funds that challenges legislation enacted earlier this year curbing benefit increases for current retirees.

CHICAGO — Illinois Gov. Pat Quinn Wednesday announced the selection of Northstar Lottery Group to privately manage and expand the Illinois Lottery. The deal is expected to raise $1.1 billion over the next five years for education and to repay bonds issued to support the state’s $31 billion capital program.

CHICAGO — The Regional Transportation Authority of Illinois board on Wednesday tapped its chief financial officer, Joe Costello, to serve as interim executive director beginning next month until a replacement for retiring director Stephen Schlickman is found.

CHICAGO — The Iowa State Board of Regents will competitively sell $20 million of debt Thursday in the final financing for the $43 million reconstruction and expansion of the Carver-Hawkeye Arena at the University of Iowa.

CHICAGO — The Illinois Finance ­Authority board advanced plans for Navistar International Corp. to borrow $145 million using recovery zone facility bonds for its new DuPage County corporate headquarters, though the financing hinges on the successful pooling of local ­government bond allocations from the stimulus program.