Illinois

The state's backlog of unpaid bills will grow to $35 billion by 2026 if it doesn't make any structural budget fixes, according to a new forecast.

Mayor Lori Lightfoot's budget plan strikes the right balance between structural and one-time measures amid the coronavirus, says Jennie Huang Bennett.

Illinois General Assembly leaders canceled the annual veto session amid rising COVID-19 cases, which means lawmakers won't act on the state budget before January.

The rating agency cited higher leverage from borrowing plans to fund expansions and renovations and passenger traffic losses from the coronavirus pandemic.

The IFA is hoping to capitalize on growing investor interest in green and sustainable bonds.

Gov. J.B. Pritzker says preservation of the investment-grade status is "very important;" Illinois bonds traded wider after the income tax referendum failed.

The defeat of Gov. J.B. Pritzker's "Fair Tax" strikes down a pillar of his plan for the state's wobbly finances and increases risk to the state's bond ratings.

Traffic is recovering at the Illinois State Toll Highway Authority, which is planning $600 million of new borrowing for its 2021 capital plan.

The fate of the state budget and ratings may depend on the progressive income tax ballot measure. Midwest voters also face $2.3 billion of bond measures Tuesday.

Moody’s on Thursday joined Fitch and S&P Global Ratings in moving the city’s rating outlook to negative. It has rated Chicago at speculative grade since 2015.

By putting a negative outlook on its BBB-minus rating, Fitch leaves Chicago little room to avoid being saddled with a second speculative-grade rating.

Mayor Lori Lightfoot must manage demands from aldermen without damaging the city's ratings or investor sentiments on a coronavirus-driven budget with few fans.

The city needs to continue meeting pension commitments and moving to structural budget balance despite the coronavirus pandemic, the rating agency said.

The Chicago-area transit agency says it needs more federal aid to manage pandemic-induced funding shortfalls.

Chief of Staff for Deputy Governor, State of Illinois

The troubled south Chicago suburb hired Meristem Advisors to assist with the restructuring it agreed to in a consent decree with holders of defaulted bonds.

The proposed combination of the major not-for-profit healthcare players in Illinois, Michigan, and Wisconsin encountered opposition in Michigan.

Moody's followed S&P in issuing a shot across the bow on coronavirus-driven threats to Illinois' ratings that are one cut away from junk.

“What purpose do reserves serve if we don't utilize them in times when you have a problem?” one alderman asked.

Chicago's $1.2 billion airport refunding will smooth out fiscal operations through next year amid a massive decline in airline travel.