Illinois

Moody's Investors Service on Thursday weighed in on Illinois' failed special session on pension reform, warning that ongoing inaction is a drag on the state's credit due to the strain on its balance sheet.

The Illinois State Toll Highway Authority board on Thursday approved new pools of underwriters as it gears up to enter the market with a roughly $200 million issue to launch a $12 billion, 15-year capital program.

The Chicago Board of Ed adopted a $5.2 billion fiscal 2013 operating budget that drains most of its reserves to help close a $665 million deficit with big pension payment hike looming and teacher demands for bigger raises.

Moody’s Investors Service has revised its outlook on the OSF Healthcare System’s A3 rating to positive from stable in recognition of improved operating performance and market share.

Legislators failed to take action during a one-day special session Friday to pass pension reforms to bring down the state's $83 billion liability, considered the worst among states.

Legislators will hold a one-day special session Friday to try to pass pension reforms to bring down the state’s $83 billion liability, considered the worst among states.

Four bond-financed health care projects totaling more than $900 million won approval from the Illinois Finance Authority Tuesday, clearing the way for three of the issuers to head to market next month.

Illinos Gov. Pat Quinn last week signed legislation extending special taxing districts known as enterprise zones for 25 years.

Chicago may have chipped away at its structural budget gap this year, but fiscal stress looms in the coming years as debt service and pension costs rise along with health care and other personnel costs.

The Chicago Board of Education will sell $500 million of general obligation bonds next week for hoping the strong municipal market will cushion the blow of two rating downgrades on its borrowing costs.

Illinois Gov. Pat Quinn released an analysis this week warning that the state's rising pension payments will surpass school aid by fiscal 2016 without pension reforms.

Chicago plans to enter the market Wednesday with the first piece of $1.2 billion of O'Hare International Airport refunding debt in a deal expected to generate double-digit savings while also streamlining the airport's lien structure. The city will sell $769 million of GARBs Wednesday and follow up later in the month with $443 million of PFCs.

Chicago Mayor Rahm Emanuel announced Wednesday investment banker Steven Koch will replace departing deputy mayor Mark Angelson - who focused on economic, business, and budget issues - next month.

Cook County won AAA rating from S&P on its sales-tax backed bond deal, a new pledge that allows the county to distance itself from the woes of Illinois and its own general obligation rating.

Chicago heads into next year's budget season with $369 million of red ink to erase, a figure down by half from what Mayor Rahm Emanuel and his finance team faced as they crafted their inaugural budget last year.

Moody's Investors Service has downgraded its underlying rating on Illinois' Douglas and Champaign Counties Community Unit School District 301 two notches to Baa1 and assigned a negative outlook. The action affects $5.4 million of debt.

Fitch Ratings has downgraded Elmhurst Memorial Healthcare's rating one level to BBB-plus and warned of impending further negative action by placing it on rating watch negative, due to the Illinois hospital's financial performance.

Illinois Gov. Quinn on Monday called a special legislative session for mid-August, pressing lawmakers to act on elusive pension reforms needed to help stave off further credit deterioration and spare schools, healthcare, and public safety spending from further cuts.

The Illinois State Toll Highway Authority board approved a pool of 10 law firms to work on its bond sales as it embarks on a 15-year $12 billion capital program.

The mayors of Milwaukee and Gary, Ind. discussed ways to increase regional cooperation and redefine the region as the country's "Fresh Coast" during a panel sponsored by the Chicago non-profit Metropolitan Planning Council.