Illinois

"We know this cliff is coming," said state Sen. Ram Villivalam, head of the state Senate transportation committee. "What structural reforms are we looking at implementing? What innovation can we pursue?"

Chicago outgoing mayor offered a parting shot against pending state legislation that stands to add to city pension costs, but sponsors say the fix was promised and is needed to avoid violating federal rules.

Illinois' $2.5 billion transaction took center stage Wednesday as the state's first GOs to carry an A-level rating since 2016 still offers a healthy yield kick over the A and BBB benchmarks.

The Investment Company Institute reported investors added $229 million to mutual funds in the week ending April 12, after $83 million of outflows the previous week.

Chicago's fiscal forecast has brightened and near-term surpluses should go to cover supplemental pension contributions and into reserves, Mayor Lori Lightfoot said as she prepares to hand the reins of city government to Mayor-elect Brandon Johnson

Illinois' $2.45 billion GO sale should attract a wider investor audience with the higher ratings as the state seeks to raise new money for capital projects, fund ongoing pension buyout programs, and refund some debt for present value savings.

For long-term muni bonds, BofA strategists noted that macro market and supply/demand conditions "are dominating the picture, pushing the high-grade muni market to a relatively rich valuation versus Treasuries."

The upgrades add to the city's ratings upswing across credits that Mayor-elect Brandon Johnson will inherit from Mayor Lori Lightfoot.

Illinois' public universities continue to reap ratings and aid benefits from the state's positive rating trajectory and healthy near-term revenue landscape.

The announcement came as a global settlement agreement that resolves Preston Hollow Capital LLC's litigation against Miller and Nuveen was disclosed.

Chicago voters picked Brandon Johnson — a Cook County Board Commissioner, former teacher, and Chicago Teachers' Union organizer — as their next mayor.

The acquisition closed Friday and all nine employees, who provide municipal and healthcare advisory services and treasury consulting services, joined PFM.

The struggling Chicago suburb is waiting on audited financial statements that, once in hand, will pave the way for an exchange offer to its GO bondholders.

Headwinds remain, despite the S&P upgrade, as the district warns of a $600 million gap once federal COVID-19 aid runs out with its governance poised to change.

Fitch Ratings affirmed Illinois GO bonds at BBB-plus and lifted the rating outlook as the state prepares to sell up to $2.5 billion of general obligation debt.

The state, through its established conduit issuer, is eyeing new financing products to promote climate goals as its pursues $1.2 billion of federal funds.

The state plans to enter the market before the fiscal year closes June 30th with eyes turned to Fitch and whether it will follow Moody's and S&P with an upgrade.

Chicago Mayor Lori Lightfoot and council members passed resolutions honoring Msall for guiding local finances over two decades as Chicago Civic Federation president.

Illinois Comptroller Susana Mendoza talks with Yvette Shields about the state's progress on building up reserves and paying down debts that have helped lift the state's bond ratings, efforts to make further headway and the challenges of making sure fresh legislative faces understand the pains suffered during the two-year budget impasse. (35 minutes)

Illinois earlier this week saw its second upgrade of the year and Gov. J.B. Pritzker suggested an uptick in revenue projections could provide room to further bolster fiscal metrics that helped draw the upgrade.