Illinois

CHICAGO — The Chicago Transit Authority board this week signed off on the agency’s planned sale of $550 million of sales tax-backed, mostly taxable Build America Bonds to finance the acquisition of new rail cars.

CHICAGO — The Illinois Finance Authority this week advanced plans for $750 million of health care borrowing planned by Alexian Brothers Health System, the University of Chicago Medical Center, Palos Community Hospital, and a continuing-care community.

CHICAGO — The fiscal strain in Illinois that has led to record long bill payment delays this week prompted Moody’s Investors Service to downgrade five of eight state-supported universities that are owed $735 million by the state.

Moody’s Investors Service last week downgraded to junk the unlimited-tax general obligation debt issued by the village of Riverdale, in suburban Chicago.

Standard & Poor’s last week upgraded the rating of West Chicago by two notches to AA-plus based on the city’s strong financial position.

Two rating agencies have revised Provena Health’s outlook to stable from negative ahead of its $126 million debt restructuring that took place on Monday.

CHICAGO — Illinois voters cast their ballots on Tuesday in the primary election for the November governor’s race, but the results remained murky yesterday with Gov. Pat Quinn leading his Democratic challenger by a narrow margin while state Sen. Bill Brady led the Republican field by an even slimmer number.

CHICAGO — Illinois voters go to the polls tomorrow to make their Democratic and Republican primary picks for the November general election for all statewide offices and the Cook County Board presidency.

CHICAGO — Fiscally beleaguered Illinois enters the market on Thursday with $1 billion of taxable general obligation Build America Bonds, its first use of the federal stimulus program as the state seeks to raise new-money proceeds for its $31 billion capital program.

CHICAGO — The Chicago Housing Authority is planning to enter the market as soon as late next week to sell $25 million of taxable revenue bonds under the Build America Bond program in the agency’s first debt issue backed by its own newly minted AA-minus rating.

Moody’s Investors Service last week downgraded Matteson’s unlimited-tax general obligation rating two notches to Baa2 from A1 and warned of further action with a negative outlook.

CHICAGO — The Illinois Finance Authority gave preliminary approval this week to the Seneca I-80 Railport Development LLC’s proposed $576 million issue. The move advances development efforts for the proposed freight-transfer facility that is seeking an allocation of tax-exempt, private activity bonding under the federal government’s $15 billion pilot program.

CHICAGO — Illinois Gov. Pat Quinn warned the state faces its worst “financial calamity” ever and said he would push for tax code reforms that raise revenue in a “fair way” in his state of the state address yesterday.

CHICAGO — Faced with rising debt service costs and sagging tourism revenues, the Metropolitan Pier and Exposition Authority will ask Illinois lawmakers who return to work today for the power to restructure its debt and extend a state debt-service subsidy.

CHICAGO — After escaping punishment from rating agencies for dipping into reserves to erase its budget deficit, Chicago will enter the market this week with $770 million of new-money and refunding general obligation bonds in a transaction that marks the city’s first use of federal stimulus bonding programs.

CHICAGO — The battle for the Democratic nod in the Illinois governor’s race centered on state finances yesterday as Comptroller Dan Hynes — Gov. Pat Quinn’s primary rival — issued a warning over the state’s dire fiscal condition, including $5.1 billion in unpaid bills and the looming repayment of $2.25 billion of cash-flow notes.

CHICAGO — After spending the week in a heavy marketing campaign that includes international buyers, Illinois on Thursday or Friday will price nearly $3.5 billion of taxable general obligation bonds with a five-year maturity to help cover its fiscal 2010 pension payments.

Standard & Poor’s last month revised its outlook to stable from negative on Decatur Memorial Hospital’s A credit due to the restoration of profitability.

Fitch Ratings has upgraded the Northwestern Medical Faculty Foundation’s rating to A-plus from A in recognition of its sustained operating profitability and positive volume trends.

Fitch Ratings this week dropped by two notches to A-minus its rating on the Illinois Sports Facilities Authority's $398 million issue from 2001 for the renovation of Chicago's Soldier Field stadium, the latest downgrade resulting from the state's credit problems.