Midwest

Moody's Investors Service Monday knocked down its rating on $4.6 billion of Detroit water and sewer debt by three notches, a move the agency said reflects the risk that the city will default or file for bankruptcy.

CHICAGO — Milwaukee city and county voters chose new comptrollers last week, while those in a tornado-ravaged Missouri city approved bonding for school building projects, and St. Louis County voters approved new debt for courthouse projects.

Illinois plans to hit the market in the coming months with $3.5 billion to $4 billion of borrowing in three deals.

The Metropolitan Pier and Exposition Authority of Illinois has selected a finance team as it gears up to enter the market with a big refunding to take advantage of a favorable market.

Ohio Gov. John Kasich Monday signed into law a $1.74 billion, two-year capital bill, the state’s first new capital budget since 2009.

A financial emergency exists in Muskegon Heights Schools, said an eight-member, state-appointed team that has reviewed the district’s finances.

Fitch Ratings this week affirmed Romulus’ BBB-plus rating and revised its outlook to stable from negative, citing the city’s improving financial operations.

As Detroit and Michigan officials work against the clock to come to an agreement to stabilize the city’s finances, Rep. Hansen Clarke, D-Mich., introduced a bill that would secure up to $500 million in federal funding for the city.

A group of seven Illinois safety-net hospitals last week unveiled several measures they said could trim $1.4 billion from the state’s Medicaid expenses and eliminate the need for the deeper cuts that Gov. Pat Quinn has requested.

Moody’s Investors Service has signaled that the junk-level rating on MJH Education Assistance Illinois IV LLC’s student housing revenue bonds for the Fullerton Village Project has stabilized by revising the outlook to stable from negative on the senior-lien bonds.