Illinois

The city has made some important progress on the expenditure side, but the new mayor's first budget didn't make similar strides on revenues, according to Fitch.

The top five bond financings have an average dollar volume of more than $1 billion.

The upgrade brings Illinois up to the A-minus level across the board. The state had three BBB-minus or equivalent ratings as recently as July 2021.

October's total volume rose 29.3% to $37.156 billion in 661 issues from $28.738 billion in 614 issues a year earlier. New-money grew more than 30% while refundings were up by nearly 75%.

The whistleblower who brought the case, Minnesota-based municipal advisor Johan Rosenberg, will receive $14.4 million under the deal.

The Board of Education enters the market with two speculative grade ratings and one investment grade after affirmations from the agencies across the board.

Surpassing $150 million in total investments, New York, Illinois, Pennsylvania, Texas, Ohio, Arizona and Georgia have joined Florida, Miami-Dade and Palm Beach counties and Miami Beach in supporting Israel financially in the wake of the deadly terror attacks by Hamas.

The proposed spending plan includes the first chunk of money from the city's new casino, which will support underfunded police and fire pensions.

The total unfunded pension liability for all 50 states is expected to be $1.3 trillion for fiscal 2023, according to a Reason Foundation analysis.

Mesirow's public finance group will collaborate with the firm's institutional sales and trading team to offer clients defeasance and cash-flow management for their portfolios.

Mayor Brandon Johnson is set to unveil a spending blueprint with new revenue proposals next month.

The state in 2010 sold $1.5 billion of bonds backed by payments from a master settlement agreement with tobacco firms and used the proceeds to pay overdue bills.

"In the coming weeks, we will be taking a much closer look at the challenges we face and how we will address those challenges reasonably and responsibly," said Mayor Brandon Johnson.

The authority approved $1.3 billion in conduit financings at its meeting Tuesday.

"As an investor I'm not looking at the activity of the stadium as the security," said an Illinois sports authority bondholder of potential exits by the White Sox and Chicago Bears.

The settlement, which hinged on a successful exchange of old bonds for fresh debt, resolves long-running investor litigation.

The rating agency cited the Illinois county's accumulated reserves, as well as required pension contributions for the move.

Issuers in the Midwest sold $32.6 billion of debt spread over 1,223 deals in the first half, down from $40.5 billion a year earlier.

July's total volume was $25.939 billion in 542 issues, down from $28.258 billion in 619 issues a year earlier, the smallest percentage drop in monthly issuance year-over-year in 2023, according to Refinitiv data.

Her prolific coverage and willingness to share knowledge with local reporters brought transparency and accountability to Midwest public finance.