Illinois

The U.S. Department of Transportation has finalized Chicago's $288 million Transportation Infrastructure Finance Innovation Act loan to help fund an $817 million intermodal facility at O'Hare International Airport.

Moody's Investors Service has revised its outlook to negative from positive on Edward Health Services Corp.'s A2 rating due to challenges posed by its new affiliation with Elmhurst Memorial Healthcare.

A fiscal watchdog group warned that Chicago Public Schools faces serious long-term problems -- led by pensions -- despite implementing more than 2,000 layoffs and 50 school closings last year.

Presence Health in Illinois will privately place up to $215 million of bonds in a deal that restructures outstanding debt of the two Chicago area systems that joined in 2011 to form the new system.

Ill. Gov. Pat Quinn last week formed an independent task force to review and recommend management and oversight reforms for the Chicago region's public transit system that could affect the future of the Regional Transportation Authority of Illinois.

The judge overseeing American Airlines' bankruptcy put confirmation of the carrier's restructuring plan on hold after the federal government moved to block its merger with US Airways Group.

A federal grand jury indicted former Ohio deputy treasurer Amer Ahmad, recently Chicago comptroller, on corruption charges of orchestrating a kickback scheme involving Ohio investment business.

The tax-exempt market ended weaker Thursday, following Treasuries, as two major deals priced in the primary market, including $5.5 billion of California notes and Chicago Parks District.

The Chicago Park District enters the market as soon as Thursday with $162 million of general obligation bonds after being stung with double-notch downgrades from two rating agencies over its deteriorating pension fund and city relationship.

The Justice Department and attorneys general from six states and the District of Columbia moved to block bankrupt American Airlines' proposed merger with US Airways under federal antitrust laws.

Rising interest rates and lagging economic growth sidelined borrowers in the Midwest where issuance dipped by 12% to $34 billion during the first half of 2013 compared to the same time last year.

Illinois Gov. Pat Quinn has announced more than $70 million in capital grant funding for 115 hospitals across the state.

Moody's Investors Service hit seven of eight Illinois public universities with a downgrade Friday including the flagship University of Illinois in action that cuts more than $2 billion of rated debt primarily over exposure to the state's fiscal woes.

Standard & Poor's has pushed Proctor Hospital's rating deeper into junk bond territory, lowering it to BB-minus from BB-plus and warning of the potential for further deterioration by assigning a negative outlook due to its poor cash position.

The five issuers can redeem a total of $128.44 million because sequestration-imposed cuts in the federal subsidy payments they receive triggered extraordinary redemption provisions.

The City Colleges of Chicago has picked a banking team led by Jefferies for its inaugural sale of $250 million of debt that's on track to sell in September or October.

Chicago leaders faced bond investors and analysts in the week after a three-notch downgrade to the city's debt and after Detroit's bankruptcy raised fears about big-city finances, debt and pension funding.

Illinois Gov. Pat Quinn announced $55 million in grant funding from the state's capital budget for 27 Chicago area colleges and universities.

Chicago heads to market Tuesday with a $247 million O'Hare International Airport borrowing to help finance a consolidated car rental center that's part of an $800 million multi-modal transportation facility.

Chicago faces a $339 million gap in its next budget before its financial reckoning arrives the following year when public safety pension payments will spike by $600 million, according to new budget estimates.