Midwest

The federal government has formally invited Chicago to apply for a $292 million loan to help finance its new $884 million intermodal facility at O'Hare International Airport.

A day after Standard & Poor's downgraded Detroit four notches, with the city's emergency manager set to meet with creditors, Moody's lowered its rating on all the city's outstanding bonds, pushing water and sewer debt to speculative grade.

Michigan Gov. Rick Snyder Thursday signed into law a $49 billion all-funds 2014 budget, calling it a "solid budget" that makes investments in the state's long-term future.

The Illinois Sports Facilities Authority has launched a search for underwriters to help refund or restructure its debt.

Standard & Poor's cut its rating four notches on Detroit, down to CCC-minus, on the likelihood that bondholders will have their payments adjusted.

Illinois lawmakers handed the Illinois Finance Authority some additional financing tools.

Illinois captured about $55 million in savings on its $600 million refunding Tuesday of high-grade sales-tax backed paper.

Wayne County, Mich. halted a $300 million largely bond-financed jail complex in downtown Detroit amid cost overruns.

Moody's Investors Service Monday upgraded to Baa2 from Baa3 its rating on Mercy Memorial Hospital Corp., reflecting three years of improved performance.

Gov. Rick Snyder last week announced that five cities, including Detroit, are in line to receive $100 million of federal funds to fight blight.