Midwest

CHICAGO — The Illinois Finance Authority board advanced borrowing plans Tuesday for three central Illinois hospitals seeking to refund debt or raise funds for new projects, including $400 million for the Carle Foundation’s overhaul of its Urbana campus.

Fitch Ratings has downgraded $3.3 million of unlimited-tax general obligation bonds issued by Claymont City School District to A-plus from AA-minus and revised the outlook to negative from stable.

Cleveland Clinic chief executive officer and president Toby Cosgrove predicted the federal health care law would cost the prestigious facility $174 million in annual revenue beginning in 2015.

Detroit Public Schools last week launched a series of public tours and community meetings to showcase how it’s spending proceeds of a $500 million bond-funded capital improvement plan.

Officials from Porter County said they will consider filing a new lawsuit with the Indiana Supreme Court after the state Court of Appeals last week declared the county could not withdraw from the Northwest Indiana Regional Development Authority.

Illinois Senate President John Cullerton on Monday floated the idea of taxing some retirement income as part of a possible revenue-neutral overhaul of state taxes.

Chicago Mayor-elect Rahm Emanuel on Monday named 17 business and non-profit professionals to serve on his government and budget transition team to advise on policy and fiscal decisions.

CHICAGO — Trinity Health Credit Group’s plan to buy Loyola University Health System should bolster the latter’s fiscal standing, though analysts say it’s too early to tell what impact the acquisition will have on Trinity’s balance sheet.

CHICAGO — Fitch Ratings has stripped the Illinois Institute of Technology of its investment-grade rating and assigned a negative outlook to the school and its $190 million of outstanding revenue bonds, which were issued through the Illinois Finance Authority.

CHICAGO — A hearing set for next week on Chicago’s request that a Cook County Circuit Court judge dismiss an airline lawsuit that seeks to block $3.36 billion of expansion projects at O’Hare International Airport was pushed back a week as settlement negotiations continue.