Chicago’s credit downgraded
S&P Global Ratings lowered its rating to ‘BBB’ from ‘BBB+’ on the city of Chicago’s outstanding general obligation debt and removed the rating from CreditWatch.
Analysts said an expected sizable structural budgetary imbalance will make balancing the budget in 2026 and outyears more challenging. The rating action also reflects the view that the city’s practical options for raising new revenue appear less certain, as does the willingness of city leadership to cut spending.
Madigan’s former counsel to testify
Michael Madigan’s defense team is nearing the end of its case at the former speaker’s bribery and racketeering trial in Chicago.
Former Madigan legal counsel Heather Wier Vaught is expected to testify Wednesday after defense attorneys call FBI Special Agent Ryan McDonald back to the witness stand.
The Madigan team has suggested that it would rest its case before the end of the week. Closing arguments are expected to begin next Wednesday, Jan. 22.
Warming centers open around state
Warming centers have opened around Illinois as bitterly cold temperatures are affecting much of the state. Overnight lows approached zero in many areas, and a majority of the state won’t get above freezing Wednesday.
Ameren crews are actively searching for the cause of a power outage that left over 1,000 impacted in Ford County. The Ford County Emergency Management Agency said, if need be, two possible warming center locations would be at the Sibley and Gibson City Fire Departments.
