Illinois

The Illinois Senate passed along party lines three of the 11 bills that make up a proposed “Grand Bargain” budget fix before a fourth on pension reforms failed as a rift over the timing of the votes prompted Republicans to yank their support.

Chicago-based Mesirow Financial Inc. is tapping its capital markets division president Dominick Mondi to serve as company president.

Tucked into the Illinois Senate's "Grand Bargain" budget legislation is a bill to authorize a new type of local government bond that would benefit Chicago and other home rule communities.

Chicago Public Schools froze $46 million in discretionary funds it distributes to schools and $5 million in administrative spending as the distressed district struggles to close a gap left by Gov. Bruce Rauner's veto of $215 million in state aid for teachers' pensions.

Illinois faces junk ratings without a solution to the state’s 19-month-old budget stalemate, Senate President John Cullerton warned in a speech.

Illinois lawmakers will return to work after another rating downgrade, with warnings of more to come as the state enters its 19th month without a full budget.

Illinois Gov. Bruce Rauner named former state Comptroller Leslie Geissler Munger to the post of deputy governor.

Peoria, Ill., its school district, and local county credits are expected to withstand the blow of Caterpillar Inc.’s decision to move its headquarters to downtown Chicago, S&P Global Ratings said.

Illinois was downgraded to BBB from BBB-plus by Fitch Ratings, which left the rating on a negative rating watch.

Fitch Ratings issued a report to criticize Moody’s Investors Services’ recent assessment of Chicago Public Schools.

Underwriters interested in working on nearly $1 billion of planned borrowing by the Illinois State Toll Highway Authority over the next three years have until Friday to apply.

Chicago’s widening spread penalties may not ease until the state cleans up its budget mess and Chicago Public Schools shores up its rocky finances, because investors are wary of overlapping credit cluster risk.

Chicago Public Schools, in its latest financial report, warns of more red ink to come this year and “difficult” decisions next year without additional state help.

A $7 billion borrowing proposal to pay down Illinois' record $11 billion bill backlog would save money compared to the 9% to 12% rate the state pays on its overdue bills, according to the Chicago Civic Federation.

Illinois Gov. Bruce Rauner attacked and vowed to fight Illinois Attorney General Lisa Madigan’s attempt to block state payroll amid the 18-month-old budget impasse.

Moody's Investors Service said it has upgraded Zion Park District, Ill.'s general obligation unlimited tax (GOULT) bonds to Baa3 from Ba1 and general obligation limited tax (GOLT) debt certificates to Baa3 from Ba2.

With a potential downgrade looming, sponsors of the Illinois Senate’s bipartisan budget fix put off a vote until February

Attorney Mitchell Holzrichter, who specializes in infrastructure and government work, has returned to Mayer Brown’s Chicago office after a stint in Gov. Bruce Rauner’s administration.

Illinois’ 18-month-old state budget deadlock showed little sign of easing Wednesday as Gov. Bruce Rauner delivered his third State of State address with Senate leaders struggling to build support for a bipartisan solution and House Democrats renewing their attacks on the governor's agenda.

Illinois' latest stab at pension reform is unconstitutional and will face a court challenge if it becomes law, a union lawyer warned lawmakers Tuesday.