The state's ratings, just one rung above junk, are holding steady after analysts' initial review of a fiscal 2021 budget that pins hopes on future federal relief.
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 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.
Other Midwest legislatures are canceling sessions or weighing early spring breaks to slow the spread of COVID-19.
The Metropolitan Pier and Exposition Authority updated its latest offering statement to warn of the risk posed to its bottom line as did two systems with upcoming deals.