Illinois

The Metropolitan Pier and Exposition Authority will restructure a portion of fiscal 2023 debt service amid tax collections still recovering from the pandemic.

Chicago, upgraded Friday by Fitch, will follow City Council's expected passage of a new 2023 budget next month with a new money general obligation bond issue.

The upgrade reflects the city's improving pension funding practices, commitment to a sound reserve position and ability to institute structural budget measures, Fitch said.

Decisions by three organizations to drop Moody's ratings underscore an industry-wide trend as the sector struggles with rising costs and narrowing margins.

The status allows the firm to assign the label to bonds based on a review of a project's adherence to the Climate Bonds Standard and Certification Scheme.

The proposed county budget, buoyed by rising tax revenues, a healthy fund balance and pandemic relief, stays the course on supplemental pension funding.

The consolidation of suburban and downstate firefighter pension fund assets is nearly complete but litigation is delaying the police consolidation.

Mayor Lori Lightfoot's proposed budget would forgo an inflation-formula-based property tax hike and make supplemental contributions to the city's pension funds.

The state spreads landed wide compared to a May sale, but remained far narrower than early in the pandemic and during the state's two-year budget impasse.

A larger new-issue slate led by large deals from the Texas Water Development Board and state of Illinois took focus away from the secondary.