State of Illinois

The upgrade is driven by realized and expected improvement in the state's financial metrics, the rating agency said.

Paul Chatalas, director of capital markets for the state, said the six series of bonds drew "aggressive bids."

Wells Fargo Head of Municipal Markets Strategy Vikram Rai said on Monday that Illinois' bonds are underappreciated as he released a report on the state.

Loop Capital's Jim Reynolds was among the nine private and public entities that signed a pledge to help bring in more historically underutilized businesses on construction projects.

The Illinois state comptroller reported a 55% year-over-year increase in the general revenue fund cash balance as her office closed fiscal 2024.

The state of Illinois is preparing to issue $600 million in new Build Illinois junior sales tax revenue bonds next week.

Finance officials from Ohio, Illinois, Pennsylvania, Oklahoma and Palm Beach County have joined Israel Bonds' new Government, Industry and Financial Services Leadership group.

The city may also issue an RFP for underwriters, though the timing is not set, said CFO Jill Jaworski.

While the state is boosting the budget reserve, it's also forecasting $1.4 billion in additional fiscal 2024 revenue that would be partially offset by spending pressures.

The upgrade brings Illinois up to the A-minus level across the board. The state had three BBB-minus or equivalent ratings as recently as July 2021.

Investors and ratings analysts look beyond the bevy of local hospitality taxes backing MetPier's debt to the state sales tax that acts as the paper's ultimate security.

The state in 2010 sold $1.5 billion of bonds backed by payments from a master settlement agreement with tobacco firms and used the proceeds to pay overdue bills.

"In the coming weeks, we will be taking a much closer look at the challenges we face and how we will address those challenges reasonably and responsibly," said Mayor Brandon Johnson.

The governor said a bill authorizing non-home rule local governments to enter into public-private partnerships created the potential for corruption.

The Illinois Attorney General maintains it is unclear whether the state was even defrauded by the Wall Street banks that are accused of rate-rigging by a whistleblower.

Under Reynolds' leadership, Loop has grown into a full-service investment firm with more than 260 employees that's one of the world's largest minority or women-owned investment banking firms.

The Senate proclamation says Shields left behind "an indelible mark on the public finance industry."

Her prolific coverage and willingness to share knowledge with local reporters brought transparency and accountability to Midwest public finance.

The group of banks would pay $68 million to settle the lawsuit, which originally estimated damages at $340 million.

The plaintiff that brought the case on behalf of the state says the banks inflated interest rates through a private, invitation-only VRDO index that influenced SIFMA's weekly index.