S&P Global Rating downgraded the credit outlook on Cook County’s debt from “stable” to “negative” as the county braces for an unknown budget gap this year in the face of the coronavirus pandemic and ensuing economic recession. 

Analysts affirmed an A+ rating for the county’s general obligation bonds and an AA- rating for its sales tax revenue bonds, but the change in their outlook represents at least a one-in-three chance of a ratings downgrade during the coming months due to “unprecedented pressure facing the county from the rapid deterioration in the U.S. economy,” according to a report published by S&P on Friday.