Midwest

Pension reform proposals advanced in the Illinois General Assembly this week ahead of a spring recess, offering signs of progress while also raising questions over the prospects for a major overhaul that could spare the state further rating downgrades.

A trio of Midwestern governors have proposed dramatic income-tax cuts — which could impact demand for their state bonds — but are meeting opposition from GOP-led state legislatures.

Chicago must compensate the private operators of four downtown city- and park district-owned parking garages for $58 million in lost revenue and interest stemming from the city's approval of a competing parking facility.

The Cook County, Ill. board of commissioners Wednesday unanimously approved the appointment of former ratings analyst and public finance banker Ivan Samstein to be the county's new CFO.

An Illinois judge on Tuesday dismissed litigation challenging a state overhaul of retiree healthcare benefits after concluding that strict protections afforded to pension benefits in the state constitution don't apply.

Minnesota is banking on electronic bingo games to bolster its pot of expanded gambling revenues needed to repay its $348 million share of borrowing for the new $900 million Minnesota Vikings professional football stadium.

A new report from Michigan State University finds that Michigan cities and towns have a combined other post-employment benefit liability of $13.5 billion – with more than 40% of that owed by Detroit.

Moody's Investors Service downgraded four of Illinois' public universities and left intact the ratings of four others in a review of $2.6 billion of rated debt sparked by late last year by the state's deteriorating credit.

The Ohio Senate last week approved a $7.6 billion, two-year transportation budget that includes authority to issue $1.5 billion of bonds backed by a new Ohio Turnpike credit to generate up to $3 billion for transportation projects.

Moody's Investors Service last week downgraded to A3 from A2 its rating on Adena Health System, Ohio and revised the outlook to negative from stable.