Bonds

Illinois drew a fresh rating upgrade Tuesday for making further progress in tackling its chronic fiscal sore spots. Moody’s Investors Service raised Illinois’ general obligation and sales tax-backed Build Illinois bonds by one notch to A3 from Baa1 and assigned a stable outlook. The upgrade also lifts the Metropolitan Pier & Exposition Authority’s rating one
Chicago-based Illinois Institute of Technology lost its investment grade rating over rapidly escalating operating deficits that are expected to persist through at least 2024, governance practices, a risky debt structure and concerns over whether capital investments will pay off. Moody’s Investors Service cut the private nonprofit university’s rating two notches to Ba2 from Baa3 Tuesday
President Joe Biden unveiled a 2024 budget Thursday that raises taxes on high earners and large corporations while providing relief for struggling urban mass transit systems and sending money to states and locals for climate resiliency projects. The proposal totals $6.9 trillion, up from last year’s $6.4 trillion of federal spending. Discretionary spending would total
Voters in South Burlington, Vermont, approved a $34 million wastewater bond proposal on Tuesday, the largest of several similar local referendums approved statewide. The South Burlington wastewater bonds will fund overhauling and replacing pumps that serve the Bartlett Bay Wastewater Treatment Facility, which provides service to nearly all of South Burlington’s 20,282 residents. The facility,
Unsteady leadership has challenged the financial stability of Wellfleet, Massachusetts, according to a state review of the town’s financial management that was recently made public. High turnover rates in key government positions over the last decade left the Cape Cod town of 4,035 without sustainable revenue streams and in need of fundamental reforms, the Division
The Federal Reserve said further interest-rate hikes would be required to restore price stability. “The committee is strongly committed to returning inflation to its 2% objective,” the Fed said in its semi-annual report to Congress released Friday. Officials expect “ongoing increases in the target range will be appropriate in order to attain a stance of
Legislation seeking to end government contracts with companies engaged in “boycotting” an expanded list of industries and business policies passed the Utah House and Senate late Thursday. Senate Bill 97 builds on laws previously enacted in Texas and a few other states focusing on “boycotts” of the fossil fuel or firearm industries by adding timber,
Illinois’ budget and pension stabilization funds would receive automatic deposits when the state hits revenue growth and bill payment triggers under legislation that cleared a House committee this week. With a series of infusions over the last two fiscal years, the state’s once-depleted rainy-day fund remains on track to hit $1.9 billion by the end
Idaho and Wyoming have joined other red states by introducing legislation to ban banks that “boycott” gun manufacturers or energy-related companies. Idaho House bills 189 and 190 introduced by Rep. Barbara Ehardt, R-Idaho Falls, left committees with do-pass recommendations and are headed for third readings on the House floor. Ehardt could not be reached for
MassachusettsGov. Maura Healey unveileda tax relief proposal Monday, a key feature of her administration’s fiscal year 2024 budget due to be presented to lawmakers on Wednesday. “This proposal centers affordability, competitiveness, and equity each step of the way, delivering relief to those who need it most and making reforms that will attract and retain more