Ohio

Moody's Investors Service has placed the general obligation bond ratings of 29 local governments and school districts including Chicago, Cincinnati, and Minneapolis on review for possible downgrade due to its new methodology for analyzing public pension liabilities.

The Ohio Treasurer and eight legislators are pushing a new bill that would require political subdivisions, including the state, to post more information on outstanding bonds when asking voters to approve new borrowing.

The Ohio Turnpike Commission Monday tapped Citi as the senior manager on $1.5 billion of bonds backed by a new pledge of Ohio Turnpike revenues.

A group of four city council members, including one from Cleveland, have asked the Ohio Attorney General to launch an investigation into the controversial bond-financed Prairie State Energy Campus that opened last year after cost overruns and delays.

The board of the Cleveland-Cuyahoga County Port Authority approved a measure last week to issue $90 million of tax-exempt bonds to finance new headquarters for Cuyahoga County in downtown Cleveland.

Ohio Gov. John Kasich is expected to sign into law a new two-year, $7.6 billion transportation budget that features as its centerpiece Kasich's proposal to issue debt backed by future turnpike tolls.

A trio of Midwestern governors have proposed dramatic income-tax cuts — which could impact demand for their state bonds — but are meeting opposition from GOP-led state legislatures.

The Ohio Senate last week approved a $7.6 billion, two-year transportation budget that includes authority to issue $1.5 billion of bonds backed by a new Ohio Turnpike credit to generate up to $3 billion for transportation projects.

Moody's Investors Service last week downgraded to A3 from A2 its rating on Adena Health System, Ohio and revised the outlook to negative from stable.

The Cincinnati City Council Wednesday narrowly approved a controversial plan to lease the city's parking system for an upfront payment to offset a budget shortfall - but a judge almost immediately issued an injunction to halt the deal.

The Ohio House last Thursday passed legislation that would allow the state to issue $1.5 billion of bonds backed by a new Ohio Turnpike credit.

A new casino that opened Monday in Cincinnati, Ohio is expected to pressure nearby riverboat casinos in southeast Indiana, Moody's Investors Service said.

Moody's Investors Service affirmed its A1 rating on the city of Canton, Ohio and removed the negative outlook.

Peabody Energy Corp., which led efforts to develop the mostly bond-financed, joint power agency-owned Prairie State Energy Campus, has received a subpoena from the Securities and Exchange Commission on the coal-fired plant's development.

The Ohio Turnpike Commission plans to issue a pair of RFQs for firms interested in acting as underwriter or bond counsel on a $1.5 billion deal featuring a new turnpike credit that still needs to be approved by the Legislature.

Fitch Ratings revised its outlook to negative from stable on Xavier University, a private, Jesuit institution based in Cincinnati. The ratings agency affirmed its A-minus rating on the school.

Ohio Thursday holds a competitive sale to refund $267 million of general obligation school bonds to achieve interest-rate savings, and will return to market in two weeks with $135M of new money.

Moody's Investors Service last week downgraded its underlying rating to Baa1 from A2 on Northeast Ohio Medical University.

Refunding opportunities fueled a 36.3% surge in bond issuance among Midwestern borrowers last year as the steadfastly conservative region shied away from adding new debt in favor of shoring up balance sheets.

Ohio transportation officials announced the three firms that will vie for work on a $330 million bridge project in downtown Cleveland that is the state's first public-private partnership.