Illinois

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.

Rep. Randy Hultgren said he has developed an appreciation for bonds as a result of his past experiences in both the public and private sectors.

Chicago mayoral challenger Jesus “Chuy” Garcia offered up ideas for freeing up city revenue in a financial plan that left unanswered questions over how he would tackle the city's staggering pension woes.

This week's oral arguments at the Illinois Supreme Court about the constitutionality of the state's pension overhaul legislation left few hints about how the judges will rule.

Fitch Ratings knocked Chicago-based Roosevelt University's rating down to the lowest investment grade level due to ongoing negative operations.

Illinois' need to protect the public welfare in the face of a fiscal emergency by cutting pension benefits trumps their state constitutional protections, Solicitor General Carolyn Shapiro told the state's high court Wednesday.

Illinois squares off against opponents of its 2013 pension reform legislation Wednesday afternoon before the Illinois Supreme Court in arguments that will be shown live on the Internet.

The Missouri Joint Municipal Electric Utility Commission is selling $158 million of power refunding bonds tied to the controversial Prairie State coal plant, which recently won a round of fresh praise from ratings analysts.

Chicago is almost $400 million underwater on 24 swaps tied to $2.4 billion of floating-rate general obligation and revenue-backed paper, the city reports in a new disclosure.

The Chicago school district fell to the last rung above junk bond status after a two-notch downgrade from Moody's Investors Service.

Hutchinson, Shockey, Erley & Co. has hired longtime Chicago public finance banker Doug DeAngelis from Fifth Third Securities to act as national public finance director and re-open its Chicago public finance office.

The Chicago Park District's tight governance link to Chicago is taking a toll on the district's credit rating hit with a Moody's downgrade this week.

Chicago is making headway on gaining relief from $60 million in swap termination payments owed to banks after Moody's Investors Service downgraded its general obligation credit last week, according to Mayor Rahm Emanuel's administration.

JPMorgan, ranked second among senior managers last year, is losing about six mid- and senior level public finance bankers through a mix of departures, retirements, and one cut, according to industry sources.