S&P Global Ratings moved its outlook on Illinois' BBB-minus to negative from stable on "worsening economic conditions," an action that also impacted sales tax, convention center and sport facilities' bonds.
Negative outlooks trigger questions about other reeling areas in the capital markets crosshairs.
Fitch Ratings placed Alaska's AA-minus issuer default rating on Rating Watch Negative.
Moody’s revised its outlook on the NCAA's Aa2 rating to negative from stable, an action that impacts less than $10 million of debt.
AA-rated Las Vegas saw its outlook revised to negative by S&P Global Ratings with casinos shuttered and visitors absent.
The economic dislocations brought by COVID-19 led Fitch Ratings to drop the Long Island county to BBB-plus.
The authority, which tapped its $1 billion credit line and received a warning shot from Moody's, says COVID-19 is a disaster that requires a national response.
GLWA has the flexibility to come to market as early as this week, but is monitoring the market in light of the COVID-19 impact.
The suspension of spectator sports removes two critical revenue streams for the venue in Brooklyn, according to Moody's Investors Service.