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

The corporate bond business appears to enjoy greater liquidity than tax-exempts, said Lee Deviney, executive director of the Texas Public Finance Authority.

Gov. Ned Lamont said the federal rescue package will provide some flexibility even as state deficits mount.

While some types of revenue bonds may be less adversely affected than other types of revenue bonds, the entire market could see significant stress as the pandemic continues.

While some economists expect a V-shaped recovery, others say it will not be as sharp as the decline, and it could be years before output rises to pre-coronavirus levels.

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.

There will be more queasiness ahead of any calm in municipals as adjustments to the coronavirus-induced climate continue to test the market’s resolve.