Economy

After exhausting its borrowing capacity and faced with uncertain federal funding levels, Missouri’s proposed five-year transportation improvement program now calls for about $500 million in annual spending on construction grants, down sharply from the $1.25 billion spent annually under the previous program.

Standard & Poor’s has revised its outlook to stable from negative on the BBB-plus rated CGH Medical Center, citing improved operating performance. The debt was sold through the former Illinois Educational Facilities Authority.

WASHINGTON — Virginia on Wednesday expects to competitively price $492.7 million of transportation bonds — the state’s first bond offering from a $3 billion debt program approved in 2007.

CHICAGO — Chicago-based Ziegler Capital Markets Group last week announced the hiring of its first New York City-based health care banker, Mike Quinn, to lead its East Coast banking and advisory efforts with hospitals and health care systems.

The House Ways and Means Committee’s select revenue measures panel will hold a hearing Thursday on proposals to create an infrastructure bank.

WASHINGTON — Citing market turbulence, the Metropolitan Washington Airports Authority said late Friday it would delay its second deal to finance construction of a Metrorail extension that will ultimately link downtown Washington, D.C., with Washington Dulles International Airport.

Gov. Edward Rendell last week nominated William Lieberman to serve as a commissioner of the Pennsylvania Turnpike Commission.

ALAMEDA, Calif. — California’s plans for a bond-financed high-speed passenger train system are in critics’ crosshairs following the release last week of a critical report by the state ­auditor.

CHICAGO — The Illinois Finance Authority board advanced plans this week for more than $550 million in health care-related deals, including the Clare at Water Tower’s tender and exchange offer that is part of a debt restructuring aimed at giving the struggling retirement development more time to succeed.

Airport executives are accusing airlines of being hypocritical, claiming they are arguing against airports increasing passenger facility charges while collecting increased revenue from fees for baggage and other amenities.

BRADENTON, Fla. — Three consortiums representing 15 local, national, and international firms have submitted qualifications to the Georgia Department of Transportation for consideration to develop the state’s first public-private partnership road project.

Miami-Dade County commissioners Tuesday agreed to create an oversight board for the financially ailing Jackson Memorial health care system, which was overseen by an appointed board known as the Public Health Trust.

Pennsylvania Gov. Edward Rendell yesterday announced proposals to address a transportation funding shortfall, including a short-term plan in which the state would sell $1 billion of debt during the next two years.

WASHINGTON — The Federal Transit Administration has launched a $775 million grant program to help local and state governments finance capital projects involving buses and bus facilities. The allocations will be announced in September.

If the pending sale of two large nonprofit health care systems to for-profit entities proves a trend, it could be good news for bondholders of low-rated hospital debt, Moody’s Investors Service said in a report out this week.

Fitch Ratings last week downgraded its rating on the 2007 debt of the I-470 and 350 Transportation Development District to BBB-plus from A, though the rating is rising to A-minus due to Fitch’s ongoing recalibration of municipal ratings.

Chicago told the Federal Aviation Administration in a quarterly report that it continues to hopes it can resurrect a proposed privatization of Midway Airport.

NEW YORK - The New Jersey Transportation Trust Fund Authority Monday approved up to $1.8 billion, in par value, of borrowing for fiscal 2011 to support road, bridge, and public transportation projects.

CHICAGO — A marriage between Chicago-based United Airlines and Houston-based Continental Airlines may have a limited impact on their key airport facilities, as they operate mostly complementary routes, but it could add to the negative pressures posed by industry consolidation, market participants said yesterday.

DALLAS — The North Texas Tollway Authority plans to test the market’s appetite for a $400 million issue of its lowest-rated debt this week.