Illinois

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.

Chicago's decision to delay and rejigger $800 million of borrowing stems from the city's desire for more control over pricing scales following the city's downgrade to junk, sources said.

Nearly two weeks after the Illinois Supreme Court struck down the state’s 2013 pension overhaul, state lawmakers, local government leaders, and legal experts struggle for an alternative the court would accept.

Cook County President Toni Preckwinkle is urging Illinios lawmakers to approve county pension reform, saying it can withstand the legal challenges that doomed the state’s own efforts.

Chicago will delay a $380 million market appearance for at least a week, and may tinker with the deals’ size and composition.

Standard & Poor's hit Chicago’s water and sewer revenue bonds with a three-notch downgrade Monday due to concerns over the liquidity pressures posed Moody’s Investors Service’s downgrade.

With its battered credit threatened by more downgrades, Chicago heads into the bond market with a new sense of urgency to convert its floating-rate general obligation debt to fixed.

Veteran Chicago-based public finance banker Carole Brown is headed to City Hall to take charge of the city’s battered finances as chief financial officer.

Fitch Ratings dropped Chicago's general obligation and sales tax ratings to BBB-plus from A-minus and placed them on Negative Watch over the liquidity risks posed by the city’s drop to junk by Moody’s Investors Service and its lowering of water and sewer bonds.

Standard & Poor's hit Chicago with a two-notch downgrade and warned of the possibility for a further drop by placing its ratings on CreditWatch with negative implications due to the liquidity pressures posed by its downgrade to junk by Moody's Investors Services.

Expect more downgrades for Chicago after Moody’s Investors Service dropped the city to junk, creating new liquidity concerns, warns Nuveen Asset Management LLC.