Nevada

The company's upcoming $3.2 billion deal marks the largest sale of unrated debt in the muni market.

Municipal issuers in the Far West sold $38.7 billion in bonds during the first six months of 2020, 8.8% more than they did the year before.

Citing market turmoil from the pandemic, a California conduit issuer gave the Virgin Trains USA project a five-month extension to sell $3.25 billion of debt.

Moody's action on Aa1-rated Nevada follows a Fitch Ratings outlook cut to negative three weeks ago as the coronavirus hammers a tourism based state economy.

Fitch Ratings downgraded Las Vegas a notch to AA-minus

Nevada was one of the last states to recover from the Great Recession

AA-rated Las Vegas saw its outlook revised to negative by S&P Global Ratings with casinos shuttered and visitors absent.

Issuers in the Far West sold $85 billion of municipal bonds in 2019, a 23% increase from 2018.

Fitch Ratings raised the Las Vegas suburb to BBB-minus from BB, with a stable outlook.

The California Debt Limit Allocation Committee wants more information on the request for $600 million of private activity bond allocation.