Midwest

South Dakota won a second triple-A rating as Fitch Ratings upgraded the state to AAA citing ample reserve balances and history of maintaining budgetary balance.

Kevyn Orr, who put Detroit into bankruptcy, said Chapter 9 is an option Chicago should have on the table as it steers its way through financial problems.

Illinois capital projects, including the Department of Transportation construction program, face imminent shutdown without at least a stopgap budget in place, officials in the administration of Gov. Bruce Rauner said.

The Federal Trade Commission plans to appeal a federal court judge’s refusal to block the merger of Illinois-based Advocate Health Care and NorthShore University Health System.

Detroit plans to refund more than $600 million of general obligation bonds for savings in a deal that would mark its first GO sale since exiting its historic Chapter 9 in late 2014.

A suburban Chicago school district that ran into financial trouble after mishandling bond proceeds faces a Securities and Exchange Commission inquiry.

The Metropolitan Pier & Exposition Authority of Illinois absorbed a downgrade from S&P Global Services, reflecting a recent state government downgrade.

Minnesota State Colleges and Universities took a one-notch downgrade from Moody’s Investors Service to Aa3 over the weakened state of its revenue fund, which backs $333 million of debt.

As Illinois brings a $550 million bond deal to market, its prolonged political gridlock is fueling debate over the market’s role as a disciplinarian.

The University of Michigan will sell $300 million of high grade commercial paper next week to fund ongoing capital projects and refund debt.