Midwest

The Sterling, Ill., Park District is now teetering on the brink of junk bond status as it struggles with limited liquidity to deal with its fiscal pressures.

Standard & Poor's dropped Wayne County, Mich.'s limited-tax general obligation rating out of investment grade territory over its weakening financial position and warned of the potential for further deterioration.

Wisconsin will leave $108 million of low-interest commercial paper in place instead of paying off it off as planned in the current fiscal year, in a move that will provide near-term relief to help Gov. Scott Walker close a $283 million shortfall; critics call it a scoop and toss.

The January default by a well-off Indiana school district, though quickly cured, reveals problems with the state funding formula and investors' reliance on state school enhancement programs, market participants say.

U.S. Bankruptcy Court Judge Steven Rhodes, who oversaw Detroit's historic Chapter 9 bankruptcy, will retire Feb. 18, the court announced Friday.

Ascension Health's sale of two Kansas City, Missouri area hospitals to a for-profit was cleared after Ascension agreed to set aside $20 million in sale proceeds to fund acute indigent medical care, Missouri Attorney General Chris Koster said.

Illinois Gov. Bruce Rauner is poised to reveal his plan to erase billions of red ink, with analysts, investors, and budget watchdogs warning that cuts alone aren't likely to solve the state’s long-term structural woes.

Detroit will float $119 million of water and sewer bonds through the state's revolving fund under a resolution approved Thursday by the financial commission that oversees the post-bankrupt city.

After years of contentious debate, construction is expected to soon begin on a starter streetcar system in downtown Milwaukee with the Common Council's approval of a $124 million capital budget for the 2.5 mile project.

U.S. Bankruptcy Judge Steven Rhodes has approved $183 million of fees charged by professionals during the city's bankruptcy, in a ruling that heaps praise on the attorneys and consultants who worked on the city's behalf.