General obligation bonds

Ahead of a refinancing next week and a new money deal next month, Chicago's spreads have widened, suggesting the market may be pricing in a downgrade, analysts said.

A finance committee vote teed up a debate by the full Chicago City Council Wednesday on whether to require more aldermen votes for new borrowing.

A November sale of up to $348 million of general obligation and other debt is planned, while the council okayed interim financing for Dallas Love Field Airport.

A costly Medicaid funding crisis is confronting healthcare providers in the state where fiscal pressures could force some rural hospitals to close.

The Texas city's property tax-backed debt offering will be sold competitively on Sept. 22, according to a draft preliminary official statement.

With a general obligation bond deal in the works, Illinois can tout Moody's upgrade to A1 of the state's issuer, GO and Build Illinois sales tax bond ratings.

Budgets for Houston, Austin, Dallas, and Fort Worth come amid credit quality improvements and calls from Gov. Greg Abbott to rein in local government spending.

Chicago will make the second half of its advance pension payment this year, Mayor Brandon Johnson told the Chicago Investors Conference.

Revenue from the 0.4% tax would be earmarked for debt service and operating funding for a jail to replace the county's troubled detention facility.

The Texas city plans to bring general obligation bonds, certificates of obligation and tax notes to market later this month.

The Texas city's general obligation rating was lifted to Aa2 with a stable outlook from Aa3 based on "meaningful" moves taken in its fiscal 2027 budget.

School districts face competition from a state-funded voucher program and financial challenges that in some cases have led to negative rating actions.

The city's issuer rating was raised a notch to Aaa and ratings for other debt, including for its water and wastewater utility system, were also upgraded.

The rating agency confirmed the Texas city's A1 bond ratings, ending a review for potential downgrade spurred by an impending water supply crisis.

The outlook revision to stable from negative follows the city's adoption of a fiscal 2027 budget with structural changes that greatly reduced a shortfall.

The potential timing for a water supply emergency, which had been projected for December, was pushed nine months into the future with the help of rainfall.

The nearly $18.3 billion fiscal 2027 budget signed by the governor this month provides $1.4 billion in tax cuts over four years.

The Texas city's $115 million general obligation bond sale comes as a water supply emergency and potential further negative rating actions loom.

Hays County prevailed in its appeal of a district court ruling affecting nearly $440 million of general obligation bonds voters approved in 2024.

S&P lifted Graham's general obligation bond and certificates of obligation rating to A from BBB due to the city's earlier-than-projected financial turnaround.