Midwest

Municipal yields rose as much as five basis points on the long end, but the losses were not as pronounced as UST. Light dealer inventories and scarce secondary trading let munis outperform Treasuries.

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 deal is being wrapped with insurance and $300 million of the $434 million offering is supported with the state government's moral obligation backing.

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