Ratings

The junk-rated school district won an upgrade and saw its secondary bond market spreads narrow as it expects to pocket about $1.8 billion in new aid.

S&P Global Ratings cut CPS Energy to AA-minus from AA, as it faces $1 billion in unbudgeted costs for buying expensive power through the state grid operator.

S&P moved Illinois' outlook to stable from negative amid revenue numbers that beat pandemic-driven low expectations. The rating remains the lowest among states.

Illinois' pension crater reaches more than $300 billion under Moody's formula.

S&P said the proposed budget represents a step in the right direction but it will weigh the final budget and other developments before acting on its BBB-minus rating.

Moody's affirmed the state's general obligation bonds at Aa3, and credited it with significant long-term progress in restoring financial reserves and liquidity.

Illinois Gov. J.B. Pritzker's budget proposal, rosier revenue estimates and the prospects of more federal aid are only short-term salve for the state's long-term fiscal strains.

Fitch Ratings warns that mounting challenges posed by ratepayers of Missouri's Howard Bend Levee District put its 2005 bonds at greater default risk.

The rating agency placed 637 of the roughly 3,400 school districts it rates on review for upgrade or downgrade, and upgraded 85.

The negative outlook reflects the challenge of rebalancing the district’s budget in the face of pandemic-related reopening costs.