Midwest

A second rating agency has dropped Chicago-based Roosevelt University into junk territory over as enrollment struggles and a heavy debt load strain its balance sheet.

Detroit officials say savings from a bond refinancing will cover the $34 million cost of adapting the design of a halfway-finished pro hockey arena to include the region's pro basketball franchise.

The Gary Community School Corporation in Indiana is struggling to meet payroll after voters rejected a referendum to increase property taxes.

The Iowa Fertilizer Co. LLC’s construction and cash flow troubles led Fitch Ratings to downgrade deeper into junk almost $1.2 billion of project bonds that are now under an Internal Revenue Service cloud.

The Michigan Finance Authority’s successful restructuring of $226.3 million of Detroit Public Schools bonds helped the district earn a two notch ratings upgrade from Moody’s Investors Service.

Rosemont, Ill. took a one-notch credit hit from Moody’s Investors Service as it prepares to take on more debt to finance a new minor league stadium.

Chicago-based Mesirow Financial has added three new members to its public finance team in the Chicago office.

Wayne County, Mich., got the green light to complete construction of a new downtown Detroit county jail, which will require $200 million of bond funding.

The Chicago City Council unanimously approved Mayor Rahm Emanuel’s $8.2 billion 2017 budget, which funds the hiring of hundreds of new police officers and taxes disposable bags to help close a spending gap.

Illinois Gov. Bruce Rauner's administration released sobering fiscal projections Wednesday that show the state’s bill backlog could top $47 billion in fiscal 2022 if lawmakers don’t resolve a political stalemate and make progress on balancing the books and reforming pensions.