Illinois

Fitch Ratings downgraded Illinois one notch to BBB-plus.

Illinois’ deferral of its November pension contribution over a cash flow crunch is a negative credit factor, said Moody’s Investors Service.

The Metropolitan Water Reclamation District of Greater Chicago’s strong financials and independent governance are key strengths that have staved off the credit hits suffered by Chicago and other local governments, says Moody’s Investors Service.

Investors squeezed a more modest penalty out of Chicago on a recent $419 million wastewater revenue bond deal than they have demanded on its general obligation paper, market participants said.

Arguing a recent 1 cent sales tax hike isn’t enough to solve Cook County, Ill.’s budget and pension strains, board President Toni Preckwinkle’s proposed 2016 budget relies on a mix of spending cuts and new tax revenue to close a $199 million gap.

Raymond James has hired Jack Dudick in the firm’s Healthcare Finance group in Chicago.

Illinois is so short on cash that it won’t make its $560 million monthly pension fund payment next month and could also skip its December payment, state Comptroller Leslie Geissler Munger announced Wednesday.

Chicago Mayor Rahm Emanuel’s proposed 2016 budget and record property tax hike plan won the Chicago Civic Federation’s endorsement, with a warning that more pain may be needed to fully stabilize the city’s fiscal condition.

Chicago heads into the market Wednesday with $440 million of second lien wastewater revenue debt that moves the city closer to putting behind it the $2.2 billion liquidity headache triggered by rating downgrades.

Fitch Ratings revised its outlook on Elmhurst Memorial Healthcare’s BBB rating to positive from stable in recognition of its post-merger growth.

Buoyed by court victories challenging city and state pension reform legislation, labor is now taking aim at 2014 legislation that overhauled the Chicago Park District’s pension benefits and contributions.

Former Chicago Public Schools leader Barbara Byrd-Bennett entered a guilty plea Tuesday to one corruption count leveled against her by federal authorities for allegedly steering contracts to her former employer for promised kickbacks.

The former chief of Chicago Public Schools was indicated Thursday on charges tied to no-bid contracts worth $23 million.

Chicago Mayor Rahm Emanuel warned Thursday that Congress and the Executive Branch should not hurt two federal loan programs for infrastructure: the Transportation Infrastructure Finance and Innovation Act and the Railroad Rehabilitation & Improvement Financing programs.

Kroll has weighed in on Chicago’s 2016 budget, praising the spending plan for a key property tax increase but warning of unresolved challenges and one-shot revenue boosts.

Chicago’s motor fuel tax bonds became the latest victim of Illinois’ budget stalemate Wednesday when S&P dropped the debt six notches, to BBB-plus.

Chicago-based investment firm David A. Noyes & Company has hired former Indiana public finance director Mark Moore as part of an expansion of the firm’s Indiana investment banking team.

Chicago is promoting O’Hare International Airport’s recent growth spurt, improved credit, and conservative debt portfolio as it preps a $2 billion issue that will mark the city’s largest deal ever.

Bond insurer ACA Financial Guaranty Corp. will lay out a restructuring plan next week for holders of $160 million of defaulted debt issued by the Chicago suburb of Lombard for its still struggling hotel and conference center.

Standard & Poor’s upgraded Illinois-based Anderson Hospital two notches citing multi-year operating improvements.