Illinois

Illinois' $2.45 billion GO sale should attract a wider investor audience with the higher ratings as the state seeks to raise new money for capital projects, fund ongoing pension buyout programs, and refund some debt for present value savings.

For long-term muni bonds, BofA strategists noted that macro market and supply/demand conditions "are dominating the picture, pushing the high-grade muni market to a relatively rich valuation versus Treasuries."

The upgrades add to the city's ratings upswing across credits that Mayor-elect Brandon Johnson will inherit from Mayor Lori Lightfoot.

Illinois' public universities continue to reap ratings and aid benefits from the state's positive rating trajectory and healthy near-term revenue landscape.

The announcement came as a global settlement agreement that resolves Preston Hollow Capital LLC's litigation against Miller and Nuveen was disclosed.

Chicago voters picked Brandon Johnson — a Cook County Board Commissioner, former teacher, and Chicago Teachers' Union organizer — as their next mayor.

The acquisition closed Friday and all nine employees, who provide municipal and healthcare advisory services and treasury consulting services, joined PFM.

The struggling Chicago suburb is waiting on audited financial statements that, once in hand, will pave the way for an exchange offer to its GO bondholders.

Headwinds remain, despite the S&P upgrade, as the district warns of a $600 million gap once federal COVID-19 aid runs out with its governance poised to change.

Fitch Ratings affirmed Illinois GO bonds at BBB-plus and lifted the rating outlook as the state prepares to sell up to $2.5 billion of general obligation debt.