Illinois

The Chicago Board of Education will return to the market on April 21 with the second phase of a planned borrowing that was delayed by a stinging round of downgrades and headline risks over the mayoral run-off.

Struggling Illinois local governments should have the option of municipal bankruptcy, one mayor told lawmakers during the first airing of legislation that would add Chapter 9 to the state's statutes.

Municipal market observers aren’t impressed by the Chicago Public Schools’ move to drop Moody’s Investors Service in favor of an agency that assigned a higher rating.

Moody’s Investors Service downgraded the Chicago-area Forest Park Park District two notches to Baa1, assigning a negative outlook.

Standard & Poor's raised its rating on Silver Cross Hospital in Illinois by one level to BBB as it prepares to pull its rating at the hospital's request.

Moody’s Investors Service said it considers Illinois Gov. Bruce Rauner’s appointment of a task force to look at local government consolidation and overhauling unfunded mandates to be a positive credit measure

The Illinois Municipal Electric Agency heads into the market as soon as Tuesday with a $585 million revenue bond issue that will refund debt sold to help finance its participation in the controversial Prairie State coal-fired project and for an ownership stake in a Kentucky-based coal plant.

Illinois Gov. Bruce Rauner signed legislation Thursday to fill a $1.6 billion gap in the state's current-year budget largely with a one-time funding fix.

Illinois Gov. Bruce Rauner said he was sign “as quickly as possible” legislation that fixes a $1.6 billion hole in the current budget with a one-time funding fix.

Ann & Robert H. Lurie Children’s Hospital of Chicago won an upgrade from Standard & Poor’s as it fiscal books remain on the upswing.

Chicago received a first time rating of A-minus with a stable outlook from Kroll Bond Rating Agency.

A one-time fix to close Illinois' current $1.6 billion budget gap largely by draining $1.3 billion from non-general fund special accounts is headed to the Senate after clearing the House.

Zion, Ill. Park District lost its investment grade rating and faces further credit deterioration as its struggles with a rapidly declining tax base.

Chicago area transit systems face service cuts or higher fares if state funding is slashed as proposed by Gov. Bruce Rauner in his fiscal 2016 budget now before the General Assembly.

Illinois retained its position as the state with the worst overall net financial position among more than 40 reviewed by the Illinois auditor general for fiscal 2014.

The cracks in Chicago Public School system's fiscal foundation deepened as a new credit blow triggered swap termination events that could force payments of more than $260 million to counterparties.

The Chicago Public Schools dropped Moody’s Investors Service from the list of rating agencies asked to review its upcoming sale of about $550 million in new money and refunding general obligation paper.

Chicago took a gamble by voluntarily laying out in stark terms the fiscal threats that could lead to further credit erosion and the impact on its swap and liquidity contracts, market participants said.

Silver Cross Hospital and Medical Center leads a pack of borrowers slated to come to market through the Illinois Finance Authority this spring.

Chicago Mayor Rahm Emanuel's fiscal agenda for a second term gambles on elusive state action to avoid making city taxpayers cover a $550 million spike in public safety pension contributions next year.