Midwest

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

S&P said the downgrade is the result of what is likely a one-off analytic error in 2005; the bonds in question are held by Fannie Mae and have never traded.

Michigan avoided deep cuts for fiscal 2021 but is still lobbying for federal relief to make up for coronavirus-driven tax losses as a fiscal 2022 gap looms.

The city's use of reserves to manage past deficits drove a two-notch downgrade from S&P Global Ratings, to A from AA-minus.

Chicago's chief financial officer said the city must consider all options given the magnitude of the pandemic in the absence of federal relief for lost revenue.

Diverse issuers from NYC to Texas to Chicago to Michigan to PA Turnpikes priced billions into the primary while the secondary again took a back seat.

The system took two rating hits over its rising debt levels and strained balance sheet metrics as it readies a $354 million borrowing.

S&P issued a bulletin Monday warning that pressure is mounting on Illinois' BBB-minus rating —the lowest investment grade — as federal relief remains stalled.

Voters will consider bond issues in three states and a number of tax measures, according to the National Conference of State Legislatures.

Potential fiscal fallout from the police killing of George Floyd and the pandemic's economic strains brought a negative outlook to the city's AAA S&P rating.