Illinois

Illinois' expected passage of a compromise budget that doesn't extend an expiring income tax hike and relies on one-shots to avoid deep cuts won't sit well with investors or rating agencies, market participants said Wednesday.

A last-minute measure to overhaul Cook County, Ill.'s troubled pension system sailed through the state Senate Tuesday just hours after it was introduced, and now heads to the House.

The Illinois General Assembly entered the final week of its spring session with the Democratic leadership focused on a budget that doesn’t rely on revenue from an expiring tax hike but also lacks deep cuts rejected by the House last week.

Chicago hits the market Thursday with $784 million of new-money and refunding Midway Airport bonds that will nearly wrap up a restructuring aimed at strengthening its debt portfolio.

The Illinois House heads into its final week at an impasse over a fiscal 2015 budget after rejecting on Friday a budget stripped of more than $3 billion of income tax revenue.

The president and chief executive officer of the company that operates a controversial mostly bond-financed Midwestern coal plant has resigned and a national search for a replacement is planned.

Illinois Gov. Pat Quinn's plan to make an expiring income tax permanent has just a little more than half the votes needed to clear the Illinois House with the clock ticking on the legislative session.

Illinois Gov. Pat Quinn lacks the House votes needed to win approval of his plan to make an expiring tax increase permanent, despite a lengthy lobbying session with fellow Democrats.

Illinois lawmakers head into their final two-week stretch, and Illinois Gov. Pat Quinn plans to press his case with House Democrats for making an expiring temporary income tax permanent.

The boards of two Illinois-based systems — Cadence Health and Northwestern Memorial HealthCare — on Thursday agreed to join forces.

Illinois acted within its sovereign authority when it passed last year's pension reforms given its precarious fiscal condition and the size of its unfunded pension obligations.

Fitch Ratings and Standard & Poor's weighed in Thursday saying an Illinois judge's decision to temporarily halt implementation of the state's pension overhaul during a legal challenge does not pose an immediate credit concern.

An Illinois state court judge on Wednesday agreed to temporarily halt the June 1 effective date of state pension overhaul legislation passed last December.

Standard & Poor's dropped Centegra Health System in Illinois' rating by one level to BBB ahead of its nearly $200 million sale of debt through a public offering and direct bank placements.

A declining number of Midwestern high school graduates is adding to already highly competitive environment further straining the region's small colleges, according to Moody's Investors Service.

The independent Minnesota-based financial advisory firm Ehlers expanded its Chicago presence by hiring of Jennifer M. Tammen and Adrienne J. Archia in its Lisle, Ill., office.

The Illinois Sports Facilities Authority has selected Barclays and Goldman Sachs as bookrunning senior managers on a refunding deal it hopes to sell in June.

Indiana and Illinois have finalized a bi-state development pact for the proposed Illiana Corridor toll road that commits the two states to a combined funding contribution of up to $350 million.

Chicago Public Schools plains raise its capital spending next year to install air conditioning in schools, build a new selective enrollment high school named for President Obama, and finance other upgrades as it continues to struggle with its budget.

Madison-based University of Wisconsin Health and Illinois-based SwedishAmerican Health System announced plans to merge.