Midwest

Another Detroit suburb faces state takeover after a review team declared it to be in a state of financial emergency.

Genesis Healthcare, an already junk-rated two-hospital system located outside Zanesville, Ohio, was downgraded by Moody's amid weak cash-flow margins.

Chicago-based Wintrust Wealth Management has hired veteran municipal professional Tom Greene to lead its institutional municipal bond desk.

Posey County, Ind., will remarket Tuesday $1.3 billion of notes in what will be the third remarketing for a controversial nitrogen fertilizer project that has run into significant political opposition.

Bankruptcy Judge Steven Rhodes, who is overseeing Detroit's bankruptcy, will rule next week on a critical interest-rate swaps settlement after an all-day hearing Thursday that centered on the legality of the lien backing the derivatives.

Chicago's proposed rescue for two of its four pension funds lost momentum in the General Assembly as backers struggled to drum up votes and Gov. Pat Quinn won't say if he'd sign it.

Chicago is readying up to $1 billion of water and sewer revenue bonds to fund work on its aging systems that’s been accelerated with a funding boost from steep rate increases.

Detroit's revised debt plan, which proposes even lower recoveries for bondholders, is a harsh reminder that even bonds with strong security pledges will suffer when economic conditions are too bad, Moody's Investors Service said in a comment titled "Detroit Turns the Screw."

Chicago Mayor Rahm Emanuel's plan to overhaul two of the city's four pension funds is on a legislative fast-track after its introduction Wednesday.

Illinois returns to the market next week with fresh fiscal news for potential investors from Gov. Pat Quinn, who has proposed making permanent the expiring 2011 income tax hike.