Midwest

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 city is projecting a $100 million deficit in its current budget once the public health crisis caused by COVID-19 eases, Mayor Mike Duggan said.

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

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

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.

Lori Lightfoot's confident statements about the city's fiscal resilience aren't wholeheartedly shared by the muni buy-side as the coronavirus hurts the economy.

The bond-financed $420 million expansion project moved forward over the objections of board members who questioned the timing amid plummeting tax revenues.

Milwaukee's experience in market Thursday speaks to the struggles of primary market borrowers navigating COVID-19-driven turmoil.

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.

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.