Midwest

St. Louis was downgraded ahead of its $25 million general obligation sale planned for later this month.

A group of Detroit retirees may ask the full appellate court to consider its failed appeal aimed at restoring pension cuts imposed as part of Detroit’s Chapter 9 restructuring.

Chicago penalized Wells Fargo on two fronts Wednesday over its phony accounts scandal.

Wisconsin takes competitive bids Wednesday on $325 million of new-money general obligation bonds with its shortest call feature to date at seven-and-a-half years.

The Great Lakes Water Authority will make its market debut next week with $1.3 billion of new money and refunding bonds, boosted by two new rating upgrades.

Fallout from the Wells Fargo phony accounts scandal has reached Midwest bond borrowers, with Illinois announcing bans on bond and investment work and the Chicago City Council set to consider a moratorium on any bond-related business.

Already the lowest rated state, Illinois suffered a new downgrade as S&P Global Ratings dropped it to BBB ahead of $1.8 billion in bond sales.

Wells Fargo would lose out on financial business with the city of Chicago for two years under an ordinance proposed Friday by the City Council’s powerful Finance Committee chairman in the aftermath of the firm’s phony accounts scandal.

Wayne County, Michigan’s rating is inching closer to investment grade, progress that should help with plans to borrow as much as $200 million to complete its stalled jail project in downtown Detroit.

Illinois has until the end of January to make headway with its budget woes before Fitch Ratings is prepared to sock it with a downgrade.