Midwest

CHICAGO — In a move prompted by the Securities and Exchange Commission’s heightened scrutiny of pension-disclosure practices, Illinois unveiled overhauled reporting standards in its latest bond offering statement that also announced a rise in unfunded pension liabilities to $75.7 billion and revealed a pending SEC inquiry.

CHICAGO — Attorneys for Chicago and O’Hare International Airport’s two largest carriers will return to court next month as a standoff over the final phase of an $8 billion expansion plan continues.

CHICAGO — The pressure on Illinois’ credit eased Friday as Fitch Ratings revised its outlook on the state’s general obligation rating to stable from negative in recognition of moves to raise the income tax by two-thirds and temporarily limit spending increases.

CHICAGO — Michigan Gov. Rick Snyder, in his first state of the state address, revived a controversial proposal to create a public-private partnership to build and operate a bridge connecting Detroit and Canada — the nation’s busiest trade crossing.

CHICAGO — Missouri Gov. Jay Nixon unveiled a $23.1 billion budget for fiscal 2012 that relies on spending and job cuts and modest debt-restructuring savings to compensate for the end of federal stimulus funds, as officials anticipate a return to revenue growth.

CHICAGO — New Wisconsin Gov. Scott Walker hasn’t released a proposed fiscal 2012-13 budget to address a $3.3 billion deficit, but Standard & Poor’s is confident the state will close the gap and maintain its current AA rating due to its “financial discipline.”

CHICAGO — The Illinois Finance Authority advanced plans this week for $200 million in borrowing to finance new, privately developed student residential facilities at two state universities.

CHICAGO — Cook County’s new president, Toni Preckwinkle, has tapped a former Chicago comptroller as her new chief financial officer.

CHICAGO — American Airlines and United Airlines on Tuesday sued Chicago to block its financing of remaining projects under an $8 billion expansion program at O’Hare International Airport ahead of the city’s planned sale of $1.1 billion of passenger facility charge-backed bonds next month.

CHICAGO — While the Illinois General Assembly’s move to bolster income taxes dominated headlines last week, lawmakers also jacked up the bonding capacity by $5 billion for capital projects and followed California’s lead by requiring underwriters to disclose their credit-default swap positions on state debt.