Illinois

Chicago’s downgrade to junk sharpened attention on the splits among rating agencies, sparking a spirited debate in the municipal market far beyond the struggles of the Windy City.

The Chicago Board of Education won't face a rating hit from Standard & Poor's as Chicago did after losing its investment grade credit from Moody's Investors Service.

The Illinois General Assembly granted Chicago Mayor Rahm Emanuel’s request for partial relief from a $550 million public safety pension spike in the waning hours of its spring session. The bill moves to the governor.

Cook County President Toni Preckwinkle said she’s disappointed state lawmakers did not pass her pension reform bill, adding that the county’s underfunded retirement system is approaching “the point of no return.”

Chicago Public Schools’ chief financial officer Barbara Byrd-Bennett has resigned, a month and a half after it was disclosed that federal authorities were probing her role in a no-bid contract.

Chicago heads back into the market Wednesday to convert $112 million of floating-rate sales tax-backed bonds to a fixed rate, further chipping away at bank credit risks that posed a $2.2 billion liquidity risk.

With Illinois' credit rating hanging in the balance, the state's spring legislative session ended in gridlock with passage of a $36 billion budget labeled by Gov. Bruce Rauner as "phony."

Moody’s Investors Service has downgraded Kendall County Forest Preserve District in Illinois by one level to A2 and warned of further action by assigning a negative outlook as the district’s balance sheet struggles.

After meeting with legislative leaders Friday, Illinois’ rookie GOP governor voiced optimism that an impasse over the fiscal 2016 budget will be bridged, though no deal was expected before Sunday’s scheduled adjournment.

Chicago took a beating but got its deal done as it offered its first general obligation bonds in more than a year Wednesday, with its fall to a junk-bond rating fresh on investors’ minds.

Cook County, Ill., says a fresh downgrade could force it to refinance $500 million of debt and cost taxpayers an additional $25 million a year.

Standard & Poor's has revised its outlook to positive from stable on Illinois-based Blessing Hospital's A-minus rating in recognition its solid operations.

Acrimony between Ill. Gov. Bruce Rauner and the General Assembly’s Democratic majority over a fiscal 2016 budget is building as both sides posture ahead of the May 31 adjournment date

A new report identified five struggling Chicago-area suburbs as most vulnerable to a Chapter 9 filing if state law is changed to permit it.

Chicago’s revamp of its $800 million floating-rate debt restructuring helps its position as it heads into the market with a battered credit, say several buyside participants.

With Illinois lawmakers mired in a budget stalemate as they head into the homestretch of their spring session, Illinois Gov. Bruce Rauner is warning of a lengthy special session.

Chicago is trying to strike an agreement with its police and fire unions on changes to their pension funding formulas, the city reported in newly published bond offering statements.

Chicago will fold its conversion to fixed-rate of $800 million in floating-rate general obligation paper into one transaction pricing Wednesday with Bank of America Merrill Lynch running the books.

Moody's Investors Service's defense of its Chicago downgrade to junk took center stage at a long-planned discussion of city finances hosted by the City Club of Chicago.

A measure to overhaul Cook County’s troubled pension system advanced in the Illinois legislature, but the state Supreme Court’s recent pension ruling continues to cast a pall over the county’s efforts.