Midwest

Holders of $5.2 billion of Detroit water and sewer bonds are again playing a key role as the city attempts to execute its last big bargain struck during its bankruptcy.

Fairfield, Iowa’s rating sank to the lowest investment grade at Moody’s Investors Service, which warned it could drop further over operating deficits that have strained the town’s balance sheet.

St. Olaf College in Minnesota has its rating affirmed by Moody’s Investors Service as the school heads into the market with a $54.4 million new money and refinancing issue.

Non transportation-related capital projects would be put on hold if a budget impasse can’t be bridged by the start of the new fiscal year in two weeks, under a second wave of cuts and management maneuvers laid out by Illinois Gov. Bruce Rauner’s administration.

Moody’s Investors Service labeled Chicago’s shift of its floating-rate general obligation and sales tax paper to fixed-rate structures as a credit positive.

The College of DuPage board hired a consultant after putting its treasurer and controller on paid administrative leave after questions were raised over their investment decisions.

Chicago takes the first step toward moving $1 billion of short-term, cash flow obligations on to its long-term debt load at a City Council hearing Monday.

A coalition of environmental groups wants the Federal Highway Administration to withdraw its support for the controversial Illiana Corridor toll road.

The director of Indiana's Office of Management and Budget is leaving the state to take a job with a nursing home construction company.

Holders of $5.2 billion of Detroit water and sewer bonds will have a say in whether a new regional authority will take over the long-troubled Detroit Water and Sewerage Department.