Midwest

CHICAGO — Michigan’s fiscal 2012 budget took a big step towards completion this week as Gov. Rick Snyder and his fellow Republican leaders announced a compromise plan to increase taxes.

CHICAGO — Fitch Ratings on Wednesday downgraded Cleveland to A-plus from AA-minus, warning that the city’s reserves are depleted as it faces fiscal challenges.

CHICAGO — Since its creation by the Wisconsin Legislature last year, the Public Finance Authority is spreading the message that while it may have a northern address, its boundaries as a conduit issuer extend across the country.

CHICAGO — Detroit Mayor Dave Bing told the City Council Tuesday that failure to implement his budget proposals would lead to a state-mandated emergency financial takeover.

CHICAGO — Michigan Thursday will competitively sell $150 million of taxable general obligation bonds to finance loans to help local school districts cover their debt-service payments.

CHICAGO — Fitch Ratings affirmed O’Hare International Airport’s third-lien general airport revenue bond rating and raised its passenger facility charge-backed credit as Chicago prepares to enter the market next week with $1.1 billion of airport bonds.

CHICAGO — Indianapolis is set to come to market in the next few weeks with $58 million of water bonds even as it enters the final stages of selling its system to a nonprofit private utility.

CHICAGO — State legislation paving the way for a partially bond-financed, publicly subsidized stadium for the National Football League’s Minnesota Vikings is expected to be formally introduced on Monday to a mixed reception.

CHICAGO — Iowa’s Xenia Rural Water District has proposed a five-year restructuring plan that calls for investors who hold $83 million of revenue bonds to receive full payment. However, it hinges on the willingness of other creditors to “share in the pain” of restoring the district to fiscal solvency by forgiving some debt, said interim executive director Marc DeLong.

CHICAGO — The efforts of five Wisconsin school districts to recoup their ill-fated $200 million investment in collateralized debt obligations have received reinforcement in the form of possible Securities and Exchange Commission action against an investment bank for its role in the transaction.