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  • CHICAGO, Oct 28- Chicago Mayor Rahm Emanuel's $7.8 billion fiscal 2016 budget and a historic property tax increase to pay for public safety worker pensions easily cleared the city council on Wednesday. Emanuel last month proposed a $543 million property tax hike phased in over four years, as well as fee increases and spending cuts in an attempt to fix a financial...

  • CHICAGO, Oct 22- Illinois' ongoing failure to enact a fiscal 2016 budget due to political wrangling led to a second major credit rating agency downgrading the state's debt to the low investment grade triple-B level this week. The move occurred three days after Fitch Ratings dropped Illinois to BBB-plus. Moody's cited the potential that Illinois' financial...

  • TOKYO, Oct 22- Japan's sovereign credit rating is likely to remain in place for the next few years, supported by the low rates at which the government can fund its debt, an official at ratings agency Moody's Investors Service said on Thursday. De Guzman told Reuters that while it may make sense for Japan's government to increase fiscal spending if the economy...

  • Illinois budget fight sinks credit rating Tuesday, 20 Oct 2015 | 6:40 AM ET
    Ilinois governor Bruce Rauner.

    Illinois' credit standing took another hit as Fitch Ratings downgraded the state's rating for the first time on Governor Bruce Rauner's watch.

  • CHICAGO, Oct 19- Illinois' credit standing took another hit on Monday as Fitch Ratings downgraded the state's rating for the first time on Governor Bruce Rauner's watch, citing the deterioration of state finances during a four-month budget impasse. Illinois has no budget yet for the fiscal year that began on July 1, and the stalemate between Republican Rauner...

  • UPDATE 1-Illinois budget fight sinks credit rating Monday, 19 Oct 2015 | 6:40 PM ET

    CHICAGO, Oct 19- Illinois' credit standing took another hit on Monday as Fitch Ratings downgraded the state's rating for the first time on Governor Bruce Rauner's watch, citing the deterioration of state finances during its four-month budget impasse. The one-notch downgrade from A-minus to BBB-plus, affecting $26.8 billion of general obligation bonds,...

  • SAO PAULO, Oct 15- Fitch Ratings on Thursday cut Brazil's credit rating to the brink of junk, warning the country could soon lose its coveted investment grade rating as government finances deteriorate amid a prolonged recession and persistent political uncertainty. Fitch cut Brazil's rating to BBB-minus from BBB. Fitch's decision comes little more than a...

  • Moody's maintains U.S. credit rating and stable outlook Wednesday, 7 Oct 2015 | 8:00 AM ET

    NEW YORK, Oct 7- Ratings agency Moody's Investors Service upheld the United States' triple-A credit rating and stable outlook on Wednesday, but it noted potential longer-term threats to the rating. Moody's, which has never changed the United States' triple-A rating, said the rating was supported by factors including a strong record of gross domestic product...

  • NEW YORK/ CHICAGO, Sept 28- Chicago Mayor Rahm Emanuel took his city fiscal push to New York on Monday to seek to convince skeptical municipal bond investors that Chicago is determined to fix its sagging finances which have dragged down its credit ratings and dramatically raised borrowing costs. The visit followed his appearance at a city-sponsored investor...

  • CHICAGO, Sept 24- Chicago is poised to issue more than $2.7 billion of debt amid warnings that its core credit ratings could be downgraded depending on the outcome of the city's fiscal 2016 budget. Moody's Investors Service, which dropped Chicago's rating to junk in May, withheld comment until a final budget is enacted. Additionally, Chicago is betting the...

  • CHICAGO, Sept 22- Chicago Mayor Rahm Emanuel on Tuesday laid out a stark choice for the cash-strapped city as he proposed a 2016 budget aimed at resolving a financial crisis linked to unfunded pensions-- either slash vital public safety and other services, or enact the biggest-ever property tax increase. In a half-hour speech to Chicago's 50 aldermen, Emanuel...

  • CHICAGO, Sept 22- Chicago Mayor Rahm Emanuel on Tuesday urged the city council to approve an unprecedented property tax hike, calling it a last resort as he proposed a 2016 budget to dodge a financial crisis linked to unfunded pensions. In a half-hour speech to Chicago's 50 aldermen, Emanuel said spending cuts were not an option as the third-largest U.S. city tries...

  • CHICAGO, Sept 22- Chicago Mayor Rahm Emanuel will present to a skeptical city council on Tuesday his 2016 budget proposal with an unprecedented property tax hike as he tries to dodge a financial crisis linked to unfunded pensions. Facing a budget shortfall that could hit $745 million, Emanuel is also proposing a per-ride surcharge on taxi and ride-sharing...

  • CHICAGO, Sept 21- Chicago Mayor Rahm Emanuel on Tuesday will propose the biggest-ever property tax hike for the cash-strapped city, $543 million over four years, as part of a plan to bring structural balance to the budget, the city announced on Monday. Ed Burke, who chairs the Chicago City Council's Finance Committee, is floating a congestion tax on non-city...

  • Sept 17- Moody's Investors Service cut the credit rating of Ferguson, Missouri to "junk" status on Thursday, citing its sharply deteriorating finances following the fatal shooting of a black teen by a white policeman in the city in August 2014. The rating agency said the seven-notch downgrade of Ferguson's general obligation rating, to Ba1 from Aa3, was due to a "...

  • FOREX-Dollar on the defensive ahead of Fed rate decision Thursday, 17 Sep 2015 | 10:19 AM ET

    NEW YORK, Sept 17- The dollar eased on Thursday ahead of a much-anticipated policy decision by the Federal Reserve, which many expect to hold off raising U.S. interest rates due to global economic weakness and low inflation. Despite prospects of a delay in the Fed's rate hike on Thursday, Thierry Albert Wizman, interest rates and currency strategist at Macquarie...

  • FOREX-Dollar under minimal pressure on Fed run-in Thursday, 17 Sep 2015 | 8:01 AM ET

    *Yen holds up in Asian time, dips in Europe. LONDON, Sept 17- The euro crept back above $1.13 on Thursday ahead of the most keenly watched policy decision in years by the Federal Reserve which is, on balance, expected to hold off from a rise in U.S. interest rates. "If they do hold off, you are probably going to see some kind of reaction," said Ian Stannard, head of European FX...

  • FOREX-Dollar under some pressure on Fed run-in Thursday, 17 Sep 2015 | 4:13 AM ET

    *Euro rises back above $1.13 as market awaits Fed decision. LONDON, Sept 17- The euro crept back above $1.13 on Thursday ahead of the most keenly watched policy decision in years by the Federal Reserve which is, on balance, expected to hold off from a rise in U.S. interest rates. "If they do hold off, you are probably going to see some kind of reaction," said Ian Stannard, head...

  • TOKYO, Sept 17- The dollar came under pressure in Asian trading on Thursday, after weak inflation data led investors to pare bets that the U.S. The cut brings its rating in line with those of rivals Moody's Investors Service and Fitch Ratings. The euro also bought $1.1291, down slightly, after euro zone inflation for August was revised to be weaker than initially...

  • *S&P cuts Japan to A+, four notches below AAA; outlook stable. *Japan struggles to spur growth, little room left for stimulus. The downgrade brings its Japan rating into line with rival Moody's Investors Service, which downgraded Japan to A1 in December last year.