Economy

CHICAGO — Warning of the threat posed to its long-term fiscal stability, the Regional Transportation Authority of Illinois is leading a charge against state legislation that would aid retailers and other businesses seeking to avoid paying some local sales taxes by setting up shell offices elsewhere.

CHICAGO — Two weeks after it hit Cleveland with a credit downgrade, Fitch Ratings has cut the rating on $835 million of bonds issued for Cleveland Hopkins International Airport to A-minus from A.

The Internal Revenue Service is auditing the bonds of two issuers based in Florida — a health care provider and a community development district.

Moody’s Investors Service has affirmed its A2 first-lien and A3 second-lien ratings assigned to Midway Airport’s $1.4 billion of outstanding bonds in conjunction with Chicago’s replacement of a swap agreement on a portion of Midway’s debt portfolio.

Chicago is accepting requests for information and interest through July 26 for development of a rapid passenger-rail system connecting downtown with O’Hare International Airport.

WASHINGTON — The Great Recession significantly widened states’ pension and retiree health care funding shortfalls, the Pew Center on the States concluded in a report released Tuesday.

BRADENTON, Fla. — The Connector 2000 Association Inc. was expected to begin the exchange of restructured bonds on Monday as part of the South Carolina toll road operator’s bankruptcy plan, which went into effect last week.

The agency that runs the long-struggling San Joaquin Hills toll road in California is asking for a nod from bondholders to restructure its debt portfolio to stay afloat.

With an airline lawsuit behind it and structural tinkering completed, Chicago will enter the market this week with $1.1 billion of mostly new-money revenue bonds to finance the next phase of projects under an $8 billion expansion program at O'Hare International Airport.

New York's Metropolitan Transportation Authority Thursday announced that it plans to sell three buildings on Madison Avenue in midtown Manhattan to raise about $150 million.

Standard & Poor's last week revised its outlook to positive from stable for AHS Hospital Corp., which operates three facilities in northeastern New Jersey. The rating is A.

WASHINGTON — The Internal Revenue Service has closed its audit of $308 million of variable-rate bonds issued by Murray City, Utah, in a 2003 conduit health care transaction without any change to the bonds’ tax-exempt status.

CHICAGO — Michigan Gov. Rick Snyder is floating a draft bill to advance a controversial and long-stalled $3.8 billion, partially bond-financed bridge spanning the busy trade route between Detroit and Canada.

BRADENTON, Fla. — A massive overhaul of Virginia’s transportation program will enable the state over the next three years to fund $4 billion of road, rail, and transit projects supported by increased bonding capacity and new financing programs.

The Delaware River and Bay Authority could raise Delaware Memorial Bridge tolls by $1 on July 1 to help finance nearly $200 million of capital needs during the next five years.

Gov. Rick Scott Monday named Ananth Prasad as secretary of the Florida Department of Transportation.

DALLAS — Isolux Corsan Group, a private Spanish developer, could finance and build the next major link in a beltway around the Denver metro area if it reaches agreement with the Jefferson Parkway Public Highway Authority.

Heartland Regional Medical Center received positive credit news from both Fitch Ratings and Moody’s Investors Service.

Iowa Gov. Terry Branstad last week made good on his promise to reject any one-year spending bills by vetoing a measure that provided about $350 million for transportation programs in fiscal 2012.

Rochester, Minn.-based Mayo Clinic will enter the market Wednesday and shift $290 million of variable-rate securities to a fixed-rate structure to open up room in its debt portfolio for future floating-rate debt that would finance two proton therapy centers.