Illinois

CHICAGO — American Airlines and United Airlines on Tuesday sued Chicago to block its financing of remaining projects under an $8 billion expansion program at O’Hare International Airport ahead of the city’s sale of $1.1 billion of passenger facility charge-backed bonds next month.

CHICAGO — As Gov. Pat Quinn signed legislation Thursday increasing Illinois’ income tax, his debt manager met with rating agencies while the state plans to issue $3.7 billion of pension bonds next month and may resurrect a failed $8.75 billion borrowing to pay bills.

CHICAGO — Fitch Ratings on Wednesday lowered its rating on O’Hare International Airport’s upcoming $1.1 billion issue of passenger facility charge bonds by two notches due to the airport’s increased leverage as Chicago seeks to fund remaining projects under an $8 billion expansion without airline support.

CHICAGO — As rating agencies and investors digested details of the Illinois General Assembly’s vote increasing state income taxes by two-thirds, Gov. Pat Quinn defended the action Wednesday as being necessary for the state to dig itself out of its fiscal crisis.

CHICAGO — Using a structure that bypasses airline approval, Chicago will enter the market early next month with a long-planned sale of $1.1 billion of debt for O’Hare International Airport.

CHICAGO — After years of perceived mismanagement and allegations of corruption, a new administration has taken over the helm of Cook County, Ill. with fiscal responsibility as its mantra.

Illinois’ establishment of a program linking state vendors with private ­investors willing to purchase overdue vouchers underscores the severity of its chronic bill-payment deferrals, but shouldn’t impact its credit standing, according to a recent report from Moody’s Investors Service.

CHICAGO — Illinois Gov. Pat Quinn was sworn into office for his first full term Monday, with the clock ticking on a budget deal being pushed by Democratic leaders in the final days of a lame-duck session to raise taxes and borrow more than $12 billion to tackle a looming $15 billion deficit.

CHICAGO — With a round of positive credit action to tout, DePaul University in Chicago will enter the market this month with $165 million of debt that will include its first new-money sale to fund capital projects in more than a decade.

CHICAGO — Illinois lawmakers return to work Monday to wrap up a lame-duck session that could see votes on a huge borrowing proposal, an income tax increase, and a casino expansion plan that would be the largest in the state's history.

Moody's Investors Service last week downgraded by three notches — to Baa1 from A1 — the village of Bourbonnais' $4.9 million of sewer system revenue debt due to declining debt-service coverage ratios.

CHICAGO — Former White House chief of staff Rahm Emanuel does meet state residency requirements and can remain on the ballot for Chicago mayor, according to a Chicago Board of Election Commissioners ruling Thursday.

CHICAGO — The Illinois Institute of Technology is in danger of losing its investment-grade level rating from Moody’s Investors Service as it struggles with operating deficits that have forced draws on its endowment and bank lines to cover debt service and other obligations.

CHICAGO — Moody’s Investors Service lowered Springfield’s $634 million of senior-lien electric revenue bonds one notch to A1 and warned of further action due to a narrowing of its debt-service coverage ratios and liquidity position — neither of which has been helped by Illinois’ lateness in paying its bills.

The Regional Transportation Authority of Illinois board last week approved a $2.3 billion operating budget for 2011 that taps capital funds to cover operating costs as the agency waits for its share of local sales tax revenue to recover from the recession.

The Illinois State Toll Highway Authority has approved a $680 million budget for 2011 that marks the first drop in annual spending in the agency's history.

Moody's Investors Service last week placed its A1 rating on the village of Maywood on review for possible downgrade, a move analysts said was prompted by a lack of sufficient information about finances and operations.

Illinois nonprofit hospitals provided nearly $4.9 billion in community benefits through various programs and services during their 2008-2009 fiscal years, according to Illinois Hospital Association's fourth annual report.

Illinois' Department of Human Services expects to expand a pilot program early next year that links state vendors with private investors willing to purchase overdue vouchers as the state's liquidity and budget crisis shows few signs of easing.

The Illinois Finance Authority on Tuesday advanced bond deals for two privately developed state university student housing projects and financings for a handful of borrowers rushing to tap federal stimulus bond programs ahead of their expiration.