Midwest

Illinois Gov. Bruce Rauner told his cabinet the state must prepare for operating and cash flow challenges if a stalemate over the fiscal 2016 budget isn't resolved.

Helped by a stronger revenue backing, Chicago’s remarketing of $112 million of sales tax-backed fared notably better Wednesday than its general obligation issue a week earlier, though spreads demonstrated a substantial market penalty.

Moody’s Investors Service revised its outlook to negative from stable on Aaa-rated Indianapolis, saying the city faces a structural imbalance and it’s uncertain whether leaders will be willing to raise revenue or impose cuts.

Illinois Gov. Bruce Rauner is halting some tax credits and suspending the Illiana Corridor toll road project to achieve savings in the absence of a fiscal 2016 budget agreement

St. Louis University is buying SLU Hospital from Tenet Healthcare and transferring it to SSM Health, one of the state’s largest providers.

Chicago’s downgrade to junk sharpened attention on the splits among rating agencies, sparking a spirited debate in the municipal market far beyond the struggles of the Windy City.

The Chicago Board of Education won't face a rating hit from Standard & Poor's as Chicago did after losing its investment grade credit from Moody's Investors Service.

The Illinois General Assembly granted Chicago Mayor Rahm Emanuel’s request for partial relief from a $550 million public safety pension spike in the waning hours of its spring session. The bill moves to the governor.

Cook County President Toni Preckwinkle said she’s disappointed state lawmakers did not pass her pension reform bill, adding that the county’s underfunded retirement system is approaching “the point of no return.”

Chicago Public Schools’ chief financial officer Barbara Byrd-Bennett has resigned, a month and a half after it was disclosed that federal authorities were probing her role in a no-bid contract.