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  • CHICAGO, July 29- Chicago Mayor Rahm Emanuel on Wednesday proposed more than $2.5 billion of bond sales even as the city faces big budget deficits and the possibility that its already-low credit ratings could fall further. Under ordinances proposed to the city council, Chicago would sell up to $2 billion of senior lien general airport revenue bonds with $1.7...

  • UPDATE 1-Michigan's rating raised to Aa1 by Moody's Friday, 24 Jul 2015 | 3:06 PM ET

    July 24- Moody's Investors Service on Friday upgraded Michigan's general obligation bond rating by one notch to Aa1 with a stable outlook from Aa2, citing a robustly growing economy and an improvement in the state's financial position. The credit rating agency said the higher rating also reflects Michigan's role in helping financially struggling local...

  • CHICAGO, July 24- A law aimed at shoring up two of Chicago's financially shaky public worker retirement systems violates pension protections in the Illinois constitution, a judge ruled on Friday. Pension payments are devouring bigger chunks of budgets for Illinois and Chicago and both face crippling spending cuts or big tax increases if those payments are...

  • Moody's tops Street 2Q forecasts Friday, 24 Jul 2015 | 7:09 AM ET

    NEW YORK— Moody's Corp. on Friday reported second-quarter net income of $261.7 million. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.19 per share. Seven analysts surveyed by Zacks expected $897.4 million.

  • LAS VEGAS— A deal involving Pinnacle Entertainment is the latest example of a casino company separating its gambling operations from its real estate to generate cash. Las Vegas- based Pinnacle announced this week it would sell most of its casino-hotels to a real estate investment trust, Pennsylvania- based Gaming and Leisure Properties Inc., in an all-stock...

  • SAO PAULO, July 23- Fitch Ratings said on Thursday it will reevaluate Brazil's fiscal trends, which are key for its decision on whether to downgrade the country's credit ratings, after the government slashed its budget savings targets for this year and next. Brazil's new fiscal savings goals are below what Fitch had estimated in April, when it decided to slap a...

  • Executives from both JPMorgan Chase& Co. and Wells Fargo& Co. told investors last week, when posting earnings, that they were increasingly concerned about loans to oil and gas companies. Texas bank Comerica Inc on Friday set aside about three times as much money to cover bad loans as analysts had expected, sending the regional bank's shares lower by more than 6...

  • Yields reach 5.77 pct in initial Chicago bond pricing Thursday, 16 Jul 2015 | 10:02 AM ET

    CHICAGO, July 16- Underwriters initially priced $347 million of Chicago tax-exempt general obligation bonds on Thursday, with yields topping out at 5.77 percent for bonds due in 2039 with a 5.50 percent coupon, according to a pricing scale obtained by Reuters. Chicago is selling the tax-free bonds a day after nearly $743 million of taxable GO bonds were priced...

  • Pension fallout hits Chicago bonds, Cook County tax rate Wednesday, 15 Jul 2015 | 5:46 PM ET

    CHICAGO, July 15- The inability to curb public pension costs in Illinois led its biggest county to hike the sales tax rate on Wednesday and left its largest city, Chicago, facing hefty interest rates for its bonds. Underwriters priced nearly $743 million of taxable Chicago general obligation bonds with yields topping out at 7.98 percent for debt maturing in...

  • Illinois budget impasse seen lasting for weeks Friday, 10 Jul 2015 | 4:20 PM ET

    CHICAGO, July 10- The standoff in Illinois between newcomer Republican Governor Bruce Rauner and long-time Democratic House Speaker Michael Madigan showed no sign of abating as the state approached a second full week without a budget for the fiscal year that started July 1. It's all uncharted waters at this point, " Christopher Mooney, director of the Institute...

  • RIO DE JANEIRO, July 7- Concerns that Brazil may lose its coveted investment grade credit rating are again on the rise among government officials and investors who worry that President Dilma Rousseff's austerity push won't fully offset plunging government revenues. As Brazil prepares for a crucial ratings review by Moody's Investors Service in the third...

  • SINGAPORE, July 7- Malaysia's central bank intervened for a third successive trading day on Tuesday to support the ringgit currency, traders said, as corruption allegations swirled round Prime Minister Najib Razak, raising doubts over his grip on power. A scandal over the $11.6 billion of debt wracked up by state fund 1 MDB had been bubbling for months, with...

  • CHICAGO, July 2 (Reuters)- Standard& Poor's Ratings Services on Thursday dropped the credit rating for the Chicago Board of Education two notches to BBB, warning the rating could fall further if the financially troubled school district does not produce a "credible" budget. Reaction to the downgrade from the Chicago Public Schools (CPS) and Chicago Mayor Rahm...

  • SAN FRANCISCO, July 2- Standard& Poor's Rating Agency upgraded California's general obligation debt on Thursday to "AA-" from "A+," marking another sign of the state's financial recovery. S&P credit analyst Gabriel Petek cited California's newly enacted budget, "which, in our view, marks another step forward in the state's journey toward improved fiscal...

  • July 1- Moody's Investors Service on Wednesday downgraded Puerto Rico's general obligation and guaranteed bonds further into junk territory, citing Governor Alejandro García Padilla's declaration that the commonwealth cannot pay its debt. Moody's said the commonwealth's decision to devise broad restructuring plans were "clear signs that holders of...

  • WASHINGTON, June 30- U.S. exporters large and small scrambled on Tuesday to urge foreign customers not to abandon deals supported by the U.S. Export-Import Bank, which will be forced to halt new business at midnight as its charter expires. Companies affected range from giants including aircraft maker Boeing Co and General Electric Co to small exporters of...

  • NEW YORK, June 30- Puerto Rico's distressed power utility PREPA is close to a deal with its creditors to avoid a possible default on a bond payment of around $400 million due July 1, sources familiar with the talks said on Tuesday. Credit ratings agency Moody's Investors Service has said it expects the utility to default on that payment. Puerto Rico's Governor...

  • CHICAGO, June 17- The Chicago City Council on Wednesday approved with no debate Mayor Rahm Emanuel's proposal to sell $1.1 billion of bonds to continue restructuring outstanding debt and pay other obligations. Chicago will use the authorization to convert short-term commercial paper into long-term fixed-rate bonds and complete the refinancing of...

  • *ICBC, CITIC Trust arguing over who is accountable. BEIJING, June 11- China's biggest state-owned bank and trust company are arguing over who should be held accountable after two high-yield trust products they were both involved in failed, leaving investors owed 500 million yuan. The product was scheduled to mature in March, but the ultimate borrower, mining and...

  • ATHENS, June 10- Ratings agency Standard& Poor's downgraded Greece's sovereign rating deeper into junk territory on Wednesday, questioning whether its debt is sustainable after the government delayed a payment to the International Monetary Fund. Greece exercised its right to group all its payments to the IMF due in June and pay them before the end of the month.