Midwest

The Illinois Finance Authority board gave preliminary approval to a nearly $200 million financing planned by Centegra Health System to build a new hospital far northwest of Chicago.

Hoping to avoid a state takeover, Wayne County, Mich., the junk-rated county that is home to Detroit, Tuesday unveiled a deficit elimination plan that relies on selling its wastewater treatment system.

The fiscal condition of pension systems for Chicago, its sister governments, Cook County, and the state's municipal pension fund deteriorated in 2012, a report said.

Cadence Health and Rockford Health System, two Illinois hospital systems that signed a letter of intent to merge in November, have decided cancel the proposed union.

Davenport, Iowa won an upgrade from Standard & Poor's and a downgrade Moody's, landing its rating squarely at the same level in the low double-A- category.

Ann & Robert Lurie Children's Hospital in Chicago won an upgrade from Standard & Poor's in recognition of its improved balance sheet and successful transition to its replacement hospital.

Michigan Gov. Rick Snyder appointed a team to review the finances of the struggling city of Lincoln Park, two weeks after declaring financial emergencies in two other Detroit-area cities.

Detroit wants to file a debt adjustment plan next week as the city and creditors meet for a fresh round of talks this week.

Detroit officially ended an interest-rate swap termination agreement with its counterparties Thursday, a move that the city says preserves its right to pursue legal action against the banks, but said talks with the banks continue.

Michigan officials agreed to step in to assist foundering negotiations between Detroit and neighboring counties over Detroit's water and sewer system considered key to the city's restructuring, Oakland County officials said.