Illinois

With nearly $500 million in spring transportation projects planned, Illinois will sell $800 million of debt Tuesday after a two-month delay in the state's first bond offering of the year.

Moody's Investors Service called an Illinois judge's dismissal of litigation challenging the state's retiree healthcare reforms a credit positive for the state.

Chicago Public Schools plans to shutter more than 54 of its 681 schools, a move defended by district leaders as needed to "right-size" and stabilize over the long-term a financially strapped system strained by a looming $1 billion deficit.

Pension reform proposals advanced in the Illinois General Assembly this week ahead of a spring recess, offering signs of progress while also raising questions over the prospects for a major overhaul that could spare the state further rating downgrades.

Chicago must compensate the private operators of four downtown city- and park district-owned parking garages for $58 million in lost revenue and interest stemming from the city's approval of a competing parking facility.

The Cook County, Ill. board of commissioners Wednesday unanimously approved the appointment of former ratings analyst and public finance banker Ivan Samstein to be the county's new CFO.

An Illinois judge on Tuesday dismissed litigation challenging a state overhaul of retiree healthcare benefits after concluding that strict protections afforded to pension benefits in the state constitution don't apply.

Moody's Investors Service downgraded four of Illinois' public universities and left intact the ratings of four others in a review of $2.6 billion of rated debt sparked by late last year by the state's deteriorating credit.

Standard & Poor's has raised Rush University Medical Center Obligated Group's rating by one notch to A in recognition of the system's new patient tower and good operating performance.

Chicago-based Roosevelt University's was downgraded by Fitch Ratings last week and faces further deterioration in the assignment of a negative outlook as the school struggles with enrollment challenges.

The University of Chicago plans to sell up to $400 million of debt through the Illinois Finance Authority to refund existing bonds and finance an ongoing capital program that includes new and renovated facilities.

Chicago narrowed the field of potential bidders on a Midway Airport lease down to six from among 16 responses it received during its request for qualifications process.

Chicago's motor fuel tax credit was downgraded three nothes by Moody's Investors Service as the agency notched the credit with Illinois bond rating.

After returning its balance sheet to the black, the Illinois International Port District plans to bolster its role in economic development and job creation by turning to private managers to raise the needed capital.

Six weeks after pulling its last bond sale, Illinois plans a full court press with investors and will drop a bidding feature that had dampened the interest of some broker-dealers as it prepares to competitively sell $800 million of debt.

The Chicago City Council will take up ordinances as soon as Wednesday authorizing up to $1.65 billion of O'Hare International Airport debt that will raise new money for the airport's $8 billion expansion.

Rank and file Chicago Police Sergeants Association members rejected a proposed contract that included pension reforms billed by Mayor Rahm Emanuel as a potential framework to help solve the city's pension crisis.

Fewer governors have been focusing on pension reform in their state of the state addresses this year, but most who propose reform follow through, according to Loop Capital Markets.

Illinois has settled securities fraud charges with the Securities and Exchange Commission for misleading investors about its approach to funding its pension obligations.

With its credit and reputation damaged, Lombard, Ill. plans to shift gears and become a buyer of municipal securities to help finance capital projects.