Ratings

Fitch Ratings received enough inquiries over S&P's action — slashing a Chicago suburb's GO rating by seven notches — that it put out a special commentary outlining differences between the two agencies' analytical approach even though Fitch does not rate the village under scrutiny.

Rating analysts said dropping reserves to 0.25% from 5% to free up capacity does not impact the school bond guarantee program's triple-A ratings.

Bolingbrook called the GO cut to BBB-plus from AA an attempt "to cause a de facto conversion" of a special sales tax district's debt to a general obligation.

While the legislation heading to Gov. J.B. Pritzker's desk will not affect CPS' rating in the short-term, the district's ability to manage labor conflict could affect credit quality over time, Fitch said.

Moody's downgraded St. Mary's College of California to Baa3 with a negative outlook, affecting $53 million in debt issued through the California

The action affects about $312 million of debt. The outlook, previously positive, is stable at the new, higher rating.

Arizona's second-largest city reported general fund surpluses in recent years, easing structural budget balance concerns that weighed on its ratings, Fitch said.

S&P Global Ratings raised the state flagship university's rating to AA-minus from A-plus.

Moody's dropped Sparrow Health's rating a notch as it's not yet factoring in the financial and operational benefits of its acquisition by UM Health, which won't extent to a debt guarantee.

Moody's downgraded $651 million of Main Line Health Services revenue bond debt to A1 from Aa3.