Illinois

Most top 10 issuers for 1H are from New York and California, with three from New York and three from California.

Chasse Rehwinkel most recently has held the position of director of banking for the Illinois Department of Financial and Professional Regulation. 

While all four of Chicago's weakly funded pension funds hit a milestone by posting modest increases in their funded ratios in 2021, they lost ground in 2022 due to investment losses driving up the city's pension burden to $35.4 billion

Illinois Comptroller Susana Mendoza will highlight the state's progress on key fiscal metrics during upcoming meetings with the rating agencies and has updated the fiscal 2023 interim audit as the full audited results have not yet been published.

The Board of Education approved a fiscal 2024 budget amid warnings about the need for more state help to manage a gap of up to $700 million in fiscal 2026.

David Fields, Rob Whitlock and Naomi O'Dell have been hired from RBC Capital Markets and will work out of the firm's Philadelphia and Chicago offices.

"We believe pensions have an elevated probability of stressing the state and local governments' budgets even as Illinois has made supplemental contributions above the statutorily required amounts," S&P Global Ratings analyst Joseph Vodziak said.

The task force expects to "form sub-groups to address specific pension issues and dedicated revenue as part of a comprehensive and balanced approach."

The gap next year is up from the $18.2 million shortfall projected heading into the fiscal 2023 budget season but down from the $121.4 million projection in 2022 and the expected near-record $410 million hole that loomed in 2021.

Jack Brofman will start at the University of Chicago July 17 as executive director of global treasury operations.