City of Chicago, IL

“What purpose do reserves serve if we don't utilize them in times when you have a problem?” one alderman asked.

Chicago's chief financial officer said the city must consider all options given the magnitude of the pandemic in the absence of federal relief for lost revenue.

On Friday, municipals finished little changed, with yields remaining steady along most of the AAA GO scales.

Chicago Mayor Lori Lightfoot announced several modest replacement programs Thursday with an eye toward expansion in the coming years.

Municipal Market Analytics' view of Chicago's bonds turns further south as the city looks to solve a deep budget hole.

Chicago Mayor Lori Lightfoot's administration is weighing more debt refinancing, layoffs and tax hikes to fully close the budget gap

Mayor Lori Lightfoot's administration isn't giving much hint as to how the city will pay for a plan to replace lead water service lines.

Casino tax legislation is “credit positive” for the city, Moody's said; Fitch downgraded ratings for Chicago water, sewer and school district revenue bonds.

Chicago is eyeing its second GO refinancing of the year, with savings expected to help chip away at the 2020 coronavirus-driven budget hole.

Chicago’s net pension liabilities rose to $31.8 billion in 2019 from $30.1 billion.

Mayor Lori Lightfoot and her finance team warn that this year's budget gap is getting bigger, and that painful choices are coming without federal financial aid.

Illinois lawmakers overhauled the proposed Chicago casino tax structure and awarded MPEA more flexibility to deal with its fiscal woes.

Chicago officials, who present a budget in October, are reviewing scenarios that consider how long shutdowns remain in place and what happens afterward.

Weak investment returns, assumption changes, and low contributions pushed up the cumulative unfunded liabilities of 11 local government pension funds.

Chicago’s motor fuel bonds, the city’s park district, and Cook County suffered rating or outlook cuts this week.

S&P Global Ratings changed its outlook on Chicago's BBB-plus rating to negative citing financial strains caused by the pandemic.

A new mayoral task force will work on Chicago's economic recovery effort as the city's finance team continues to assess the damage.

Chicago Mayor Lori Lightfoot says city hopes for additional federal help and won't dip into reserves or push off pension payments to manage through coronavirus-induced economic turmoil.

Lori Lightfoot's confident statements about the city's fiscal resilience aren't wholeheartedly shared by the muni buy-side as the coronavirus hurts the economy.

Smith, who headed the restructuring practice at Chicago-based McDermott Will & Emery, worked on nearly every major muni bankruptcy of the past 20 years.