Illinois

Amid the attention generated by the Illinois budget crisis, a long-term infrastructure problem is brewing behind the scenes, according to a report comparing the state’s infrastructure shortcomings to its budget deficit and pension shortfalls.

The Illinois House failed Wednesday to override Gov. Bruce Rauner's veto of a controversial labor bill, handing the governor a victory in his ongoing budget battle with the General Assembly.

Chicago Mayor Rahm Emanuel will reportedly propose a $500 million tax increase as part of his new 2016 budget largely for police and fire pension payments.

All three major rating agencies now have Cook County, home to Chicago, on negative outlook amid major pension obligations and other financial challenges.

Illinois has a new deputy debt director and plans to sell bonds at some point this year, according to a spokesperson for Gov. Bruce Rauner.

Solutions to the public pension funding crisis go beyond numbers crunching, said Manhattan Institute pension expert Daniel DiSalvo.

The stark political divisions around the idea of allowing Chapter 9 bankruptcy in Illinois were highlighted at a recent legislative hearing.

The budget stalemate in Illinois matters less than how the state finally decides to deal with its pension problem, Moody’s says in a new report.

After downgrades from all four rating agencies since May, Chicago Public Schools got a fresh warning from Moody’s on Monday that its new budget could mean more negative ratings action.

The former head of the Illinois State Toll Highway Authority has joined Chicago Treasurer Kurt Summer's office.

Chicago's efforts to solve its pension funding crisis could negatively impact O'Hare International Airport's growth prospects, Moody's Investors Service warns in a new report that otherwise offered the city good credit news in affirming the airport's debt.

Illinois-based OSF Healthcare System won an upgrade ahead of its September new money and refunding sale for $367 million in recognition of its improved financial performance.

The Chicago Park District's steep yield premiums drew strong interest in the agency's Aug. 27 sale as the penalties nearly doubled on some maturities when compared to a June 2014 sale that carried the same published ratings.

Illinois Gov. Bruce Rauner's administration won't move to extend its contract with financial budget consultant Donna Arduin after its Aug. 28 expiration.

Pittsburgh-based PNC Capital Markets LLC hired public finance banker Kerry Rudy in Chicago to lead its national healthcare sector and is bolstering its New York team with the addition of Lawrence Stephens to lead coverage of the city.

The Chicago Board of Education credit suffered its latest blow Thursday when Kroll Bond Rating Agency dropped its rating two levels to BBB-minus, allowing the district to retain its sole investment grade level rating.

The junk-rated Chicago Board of Education unanimously signed off on a $6.4 billion budget panned by rating agencies for rolling over debt and gambling on uncertain state support.

The Illinois Metropolitan Pier and Exposition Authority plans to enter the market after revamping its hotel financing plan following rating downgrades triggered by the state's budget impasse.

A Chapter 9 filing by the Chicago Public Schools could push the distressed district into a financial "death spiral," the district's former chief executive officer Paul Vallas said Tuesday.

The Chicago Park District heads to market Thursday with $88 million of debt that market participants say should offer up some alluring yield premiums due to the troubled Chicago name.