Illinois Attorney General Lisa Madigan has joined the federal government and 13 other attorneys general in suing for changes in the way Standard & Poor’s rates mortgage bonds.
Standard & Poor’s said Friday that the rating on the state’s general obligation bonds was downgraded to A- from A.
Gov. Pat Quinn says, when state lawmakers go back to Springfield for their final session before the new legislature takes over, addressing the pension mess has to be their top priority.
One of the nation’s bond rating agencies is out with another warning about the Chicago Public Schools system’s financial future.
Illinois Comptroller Judy Baar Topinka says people should be very fearful about the downgrading of the state’s bond rating by Standard & Poor’s.
Mayor Rahm Emanuel’s administration on Friday took its second hit in one week from a Wall Street rating agency when Moody’s Investors Service dropped the bond rating on billions of dollars in O’Hare Airport bonds about to go to market.
On the same day Moody’s Investors Service downgraded the Chicago Public Schools’ bond rating, the Chicago Teachers Union slammed the district’s plan to raid its reserve funds to balance the budget as a stunt designed to turn the public against teachers.
Gov. Pat Quinn and the state’s four legislative leaders remained split on how to fix the state’s severely underfunded public pension systems, though the governor did signal a shift in philosophy regarding teacher pensions.
Moody’s lowered Illinois’ rating Friday by another notch, to A2. No other state has such a low rating from Moody’s.
A published report indicates that the O’Hare expansion project might be hurting the city’s financial standing.
- Teen Hurt In Little Village ShootingA 14-year-old boy was shot in the arm Saturday afternoon in the Southwest Side Little Village neighborhood.86
- Man Charged With Videotaping Women In Hospital WashroomA poorly secured cell phone in a west suburban hospital washroom that a man had allegedly set up to secretly videotape women in the toilet area was discovered by a woman when the phone fell to the washroom floor on Friday. She alerted police, who then arrested and charged a 49-year-old Franklin Park man with unlawful videotaping.156
- Young Man Shot Outside Old Orchard Shopping CenterA young man was wounded in a shooting in north suburban Skokie Friday night, outside the Old Orchard Shopping Center.227
- 3 Dead, 8 Shot In Citywide ViolenceThree men were killed and at least eight other people were wounded in violence around the city since Friday night.167
- Orange Line Service Resumes After Train-Pedestrian IncidentCTA commuters were temporarily stymied on the Orange Line during the Friday rush hour after a train fatally struck a man on the tracks.401
- Illinois Senate Passes Medical Marijuana LegislationIllinois Gov. Pat Quinn must decide if he will sign a measure allowing the use of marijuana for medical purposes after the state Senate approved legislation on Friday.1238
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