Midwest

Fitch Ratings, which already maintains junk ratings on Wayne County, Mich., put the ratings on a negative watch just hours after the release of a new audit that warns the county could be out of cash by next summer.

The newly elected head of Wayne County Michigan, home to Detroit, warned Thursday that the county is on track to run out of cash by August 2016, calling it “financial Armageddon.”

The Chicago Transit Authority's receipt of a $120 federal loan under the Transportation Infrastructure Finance Innovation Act for the renovation of a major light-rail line was announced Thursday by city and federal officials.

Minnesota-based Northland Securities has hired veteran Twin Cities-based sales manager Mike Harlander to head up its fixed income capital markets sales group as part of a growth effort.

Illinois Gov. Bruce Rauner laid out an agenda Wednesday aimed at promoting business and economic growth by overhauling the tax code, curbing some organized labor powers with other reforms targeting public pensions and unpaid bills.

Indiana's recent decision to expand its Medicaid program under the new federal health care law is positive for the state's hospitals and could prompt Republican-led states that have opted out to change their minds, according to Fitch Ratings.

Detroit Public Schools is offering $197 million of general obligation bonds through the Michigan Finance Authority backed by a state school loan fund program.

Trinity Health has pulled a $1.1 billion bond deal amid rising yields, putting the deal on the day-to-day calendar until the market improves.

Wisconsin Gov. Scott Walker unveiled a $68.2 billion two-year budget proposal that favors borrowing over a higher gas tax to fund transportation projects, includes debt service for a new Milwaukee Bucks arena, and cuts University of Wisconsin aid.

The Iowa Finance Authority hits the market Wednesday with $323 million of new-money and refunding state revolving bonds that will carry a “green” designation.