Illinois

Moody's Investors Service slapped Burbank, Illinois with a downgrade and assigned a negative outlook to its A1 rating due to ongoing operating deficits and mounting pension woes.

Two Illinois based not-for-profit healthcare systems -- Northwestern Memorial Healthcare and Cadence Health – said they plan to complete their merger on Sept. 1.

The trustee on $20 million of unrated bonds issued for the bankrupt Leafs Hockey Club in suburban Chicago hopes to reach a debt restructuring deal with the club by early October but the two sides remain at loggerheads over the club's fiscal prospects.

Fitch Ratings shifted its outlook on O'Hare International Airport to stable from negative citing steady air traffic trends and more certainty over American Airlines' future at the airport after the airline's exit from bankruptcy.

Suburban Cook County, Illinois' public safety pension funds are straining under a collective $3.3 billion of unfunded liabilities, according to a recent report.

A group of ratepayers from a Chicago suburb are suing five advisors and consultants, accusing them of misrepresenting the value of participation in the bond-financed Prairie State Energy Campus to the city of Batavia.

Ratepayers from a Chicago suburb will file a lawsuit as soon as Tuesday seeking compensation for steep energy rate hikes they've paid due to cost overruns at the bond-financed Prairie State Energy Campus coal-fired power plant.

Loyola University Chicago has hired Robert A. Munson to serve as chief financial officer, filling a position being vacated by the retirement of Bill Laird after 11 years.

Illinois-based OSF Healthcare System's A3 rating is stabilizing due to recent operating improvements after a tough 2013, Moody's Investors Service said.

Standard & Poor's has revised its outlook on Springfield, Ill.'s City Water, Light & Power's electric revenue bonds to stable from negative.

Despite strong investment gains and other improvements, a persistent underlying weakness remained the underlying theme for the non profit health care sector in 2013, according to Standard & Poor's.

Borrowing by Midwest issuers slid 13.2% for the first half of 2014 but new-money issuance fueled by Chicago and Illinois deals helped boost new-money by 16.8%.

The Illinois Sports Facilities Authority said its recent $291 million refunding generated more than 5.47% of net present savings for $16 million in savings to ease its debt service burden going forward.

Illinois will host a forum next month to meet with developers, air carriers and potential tenants as the state seeks to advance plans for a public private partnership to develop the South Suburban Airport.

Illinois' decision to conduct a revenue volatility study that could aid in the eventual development of a more robust rainy day fund won the struggling state some rare praise in a report from Pew Charitable Trusts.

Chicago Mayor Rahm Emanuel hosts the investor community Friday with a mixed bag of news to share a year after its last meeting was marred by a rare triple-notch downgrade.

Illinois' current fiscal strains pose a threat to the credits of state's public universities that rely heavily on state subsidies, Standard & Poor's warns in a new report.

Chicago heads into its 2015 budget season with a $297 million gap to close according to projections that delay the city's funding of a $550 million spike in police and fire pension fund contributions.

The Chicago City Council approved a 56% increase in the city's emergency services surcharge that's tacked on to phone bills, staving off the need for a $50 million property tax hike next year to cover the first year of higher contributions due under a pension reform plan.

Moody's Investors Service revised the Illinois Institute of Technology's outlook to stable, easing pressure on the rating that is at the lowest investment grade level.