Midwest

Distressed local governments struggling under the weight of pension, healthcare, and other debts could turn to a special authority for fiscal guidance under legislation before Illinois lawmakers.

Market participants are increasingly contemplating the impact of Illinois potentially losing its investment-grade ratings.

A settlement tied to Flint, Michigan’s water contamination crisis alone won’t tax state finances but it underscores a collective burden that poses longer term pressures, S&P Global Ratings says.

Ohio’s $7.8 billion budget is awaiting action by Gov. John Kasich after legislative passage last week.

During its regular meeting Monday night, the Newton, Iowa, Community School Board of Education took another step forward in funding the new Berg Middle School.

The Cuyahoga County Council signed off on a resolution paving the way for a $140 million bond issue to help cover $280 million of upgrades to the Quicken Loans Arena.

Allen Park, Mich.'s financial ills have eased enough to garner a five notch ratings boost, moving it two notches from winning back its investment grade status.

Illinois is at a fiscal tipping point as its unpaid bill backlog hovers near $13 billion and its budget stalemate headed toward the two-year mark, Moody's Investors Service said.

S&P Global Ratings said it has raised its long-term and underlying rating on the city of Allen Park, Mich.'s existing general obligation debt to BB from CCC-plus.

Illinois Gov. Bruce Rauner and lawmakers veered in opposite directions, casting more doubt on the prospects for a budget resolution.