Midwest

Missouri's top credit benefits from its economic diversity, good financial management, strong reserves, and a low debt burden, according to a new report from Standard & Poor's.

Moody's Investors Service downgraded Jackson County's implied general obligation rating one notch to Aa3 and warned of further action by assigning a negative outlook due to the county's fiscal challenges.

The Metropolitan Sports Facilities Commission last week announced a proposal with a price tag of $870 million to reconfigure its Hubert H. Humphrey Metrodome to suit the National Football League's Minnesota Vikings.

Fitch Ratings this week dropped by two notches to A-minus its rating on the Illinois Sports Facilities Authority's $398 million issue from 2001 for the renovation of Chicago's Soldier Field stadium, the latest downgrade resulting from the state's credit problems.

Ohio Gov. Ted Strickland this week warned he would call a special session over the holidays if legislators are not able to fill an $850 million hole in the state's two-year budget by the end of the week.

Milwaukee yesterday sold $12 million of its planned $50 million qualified school construction bond issue for the Milwaukee Public Schools, putting the remainder off until next year, when it will use a negotiated sale.

A handful of Midwestern state housing authorities, most of them shut out of the credit market this year, are acting to take advantage of the U.S. government's temporary new-issue bond program to jump-start their ability to provide new mortgages.

A bill introduced to the Ohio House last week seeks to build the rainy-day fund by capping at 25% the amount that can be transferred to the general fund.

Cuyahoga County last week passed a $1.4 billion all-funds fiscal 2010 budget that was balanced through a series of across-the-boards cuts, many over 10%.

Fitch Ratings recently downgraded the Howard Bend Levee District's 2005 debt to BBB from A-minus.