Illinois

Moody’s Investors Service labeled the Illinois Supreme Court’s voiding of the state’s 2013 pension system overhaul a “credit negative” for the state’s A3 bond rating.

Chicago’s bonds lost value, some dramatically, Wednesday in the first market session following its fall into speculative grade territory.

Moody's Investors Service stripped the Chicago Board of Education and the Chicago Park District of their investment grade ratings, lowering both by three levels after sinking Chicago’s city government to junk a day earlier.

Arguing time is the enemy, Chicago attorneys successfully argued for a fast-track hearing on a pair of lawsuits challenging pension reforms that took effect in January.

Chicago officials are scrambling to salvage short-term credit lines and liquidity arrangements after Moody's Investors Service downgraded its bonds, which triggered events in the city's credit contracts allowing banks to demand as much as $2.2 billion.

Moody's Investors Service Tuesday downgraded Chicago to junk-level Ba1.

Chicago, preparing to remarket bonds, again has warned investors of its laundry list of fiscal challenges, newly topped by the potential blow to its own pension reform efforts posed by a ruling last week from the Illinois Supreme Court.

Chicago Mayor Rahm Emanuel has tapped veteran aviation official Ginger Evans from the Metropolitan Washington Airports Authority to take the helm of the city's Aviation Department.

Last week’s Illinois Supreme Court ruling voiding legislation that overhauled the state’s pension system ratchets up pressure on the state’s leaders to fix the state’s out-of- balance budget.

The Illinois Supreme Court on Friday struck down legislation that had overhauled state employee pensions, leaving the state burdened with enormous pension liabilities.

Struggling cities like Chicago need to embark on serious restructuring efforts before it’s too late and mounting retirement debt pushes them toward the fate of Detroit, said some architects of that city’s bankruptcy.

Illinois Gov. Bruce Rauner’s proposed budget relies on unrealistic and potentially harmful cuts as well as savings that don’t appear achievable, according to a report from Chicago’s Civic Federation.

Illinois Gov. Bruce Rauner called on Chicago City Council members to get behind pieces of his turnaround agenda if they want his backing for their legislative want list.

Struggling to close a $1 billion budget gap, Chicago Public Schools will curtail capital spending in its next budget and take aim at its teachers' labor contract.

Chicago Mayor Rahm Emanuel has tapped public transit veteran Dorval R. Carter Jr. to take the helm of the Chicago Transit Authority.

Rookie Illinois Gov. Bruce Rauner and the General Assembly enter the last month of the regular legislative session without visible progress on a state budget or the governor's proposed 'turnaround' plan.

Chicago's pension woes run so deep they pose a long-term fiscal threat even if the city overcomes pending legal and political hurdles to its stabilization efforts, Moody's Investors Service warns in a new report.

Chicago’s chief financial officer, Lois Scott, and municipal market participants, look back on her tenure as she prepares to leave the office after four years.

Chicago's chief financial officer, Lois Scott, formally submitted her resignation Friday.

Moody's Investors Service has stripped a suburban Chicago suburban park district of its investment grade rating due to concerns it will default on near term debt service payments.