Ratings

The rating agency affirmed its A3 rating of the state's general obligation bonds; the outlook revision affects $35.9 billion of debt.

Fitch follows Moody's in revising the Empire State's debt to negative from stable.

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.

The review by Moody's Investors Service comes as the district is working on new money and refinancing deals.

Tuition revenue headwinds made worse by the COVID-19 pandemic cost New Jersey’s Rider University its investment grade rating.

The state's ratings are low investment grade, but the secondary market is pricing its bonds as high-yield.

Lawmakers granted Kevin Stitt authority to shift money where it's needed amid a coronavirus-driven fiscal crisis.

With Atlantic City casinos closed, Fitch Ratings revised the outlook to negative from stable on Casino Reinvestment Development Authority bonds.

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.