Fiscal blow to MPEA's operations and tax collections follow the halt to trade and convention business that began in March.
S&P Global Ratings changed its outlook on Chicago's BBB-plus rating to negative citing financial strains caused by the pandemic.
The downgrade brings Fitch into alignment with Moody's and S&P, and the negative outlook leaves Illinois without any rating room above speculative grade.
Illinois has spent about $170 million on coronavirus-related expenses so far, and Gov. J.B. Pritzker said more information on the budget impact is coming.
Moody’s revised its outlook on Illinois’ Baa3 rating to negative from stable; a university study warns of a worst-case $28 billion multi-year revenue hit.
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.
The nation's second-most-populous county is factoring in a recession as it runs fiscal models on COVID-19's impact and is banking on federal aid for hospitals.
The city and state haven't put dollar amounts on what they need but both were already facing budget and pension stresses before the public health crisis struck.
Chicago Mayor Lori Lightfoot's administration is stressing the city's improved liquidity and jolt of refinancing savings provide a cushion to manage the near-term tax losses.
Other Midwest legislatures are canceling sessions or weighing early spring breaks to slow the spread of COVID-19.