Ahead of a refinancing next week and a new money deal next month, Chicago's spreads have widened, suggesting the market may be pricing in a downgrade, analysts said.
Moody's Ratings said the downgrade "reflects a weakening of the county's financial position."
The RSA and bankruptcy would "significantly deleverage Brightline's balance sheet and greatly improve liquidity," the company said.
The veto means California won't have a new vehicle to fund large-scale infrastructure. Newsom also killed a bill to unwind pension reforms.
Muni yields are succumbing to a "domino effect," said Kim Olsan, portfolio manager at NewSquare Capital.
A three judge panel upheld a lower court rejection of the bondholders' suit against Puerto Rico's central government.
