Skip to main content

Impact of COVID-19 on the Financial Markets and Non-Profits

To Our Clients:

We have created this page so that we can post resources for your reference regarding the impact of COVID 19 on the financial markets for non-profits.

Click here for a Message from CHEFA about COVID 19


Standard & Poor’s Live Webinar and Q&A: All U.S. Public Finance Sector Outlooks Are Now Negative

On April 2, 2020 at 1:00 p.m., Standard and Poor’s will be hosting a live webinar and question and answer period, regarding their recent action to downgrade all public finance sector outlooks to negative.  Please register and join the webinar by clicking on the link below:

Click here for registration and information


Rating Agencies Panel Discussion on  COVID-19

On April 7th, 2020, Orrick, Herrington & Sutcliffe, LLP in association with Bond Buyer, will host a rating agency panel discussion on COVID-19. The panelists will share their concerns and perceptions, intended to help issuers, bankers and advisors evaluate financing plans and develop strategies for how to manage the effects of  COVID-19.

Click here for registration and information


Rating Agencies Response to COVID-19

Recently,  the rating agencies responded to the COVID-19 outbreak by revising their outlooks from stable to negative.  Moody's revised its outlook to negative on the non-profit healthcare, higher education, and nonprofit organization sectors, while S&P's outlook moved to negative on healthcare, privatized student housing, and acute care facilities.  Below, we have attached the most recent Moody’s sector reports in PDF format:

Moody's Outlook-Higher Education-US - 18Mar20

Moody's Outlook-Nonprofit Organizations-US - 26Mar20

Moody's Outlook-Not-For-Profit and Public Healthcare-US - 18Mar20


Acacia Weekly Municipal Market Update

Acacia Financial Group, Inc., a SEC and MSRB Registered Municipal Advisory Firm, reported a stronger municipal market tone highlighted by a strengthening primary market where a few sizable transactions were priced and met with strong investor demand.  The full report can be found at the provided link below :

Acacia Financial Group Weekly Municipal Market Update - 27Mar20


Fitch Ratings Coronavirus Impact on NFP Hospitals and Life Plan Communities Webinar

Fitch Ratings has made a replay of their recent Webinar "Coronavirus Impact on NFP Hospitals and Life Plan Communities” available.  Please use the following link to register for the webinar replay which lasts approximately 1 hour:

Fitch Ratings Coronavirus Impact on NFP Hospitals and Life Plan Communites Webinar


 Loans Available to Nonprofits via the CARES Act (Coronavirus Aid, Relief, and Economic Security Act)

The National Council of Nonprofits has outlined the various loan programs available under the recently enacted CARES Act.  Please use the following link to view the document:



Navigating the Municipal Markets and Issuer Finances: Perspectives on the COVID-19 Impact Webinar

 PFM Financial Advisors LLC, held a webinar on March 30, 2020, detailing the broad impact of the COVID-19 virus on the financial markets and balance sheet.  A replay of this webinar is available via the following link:

PFM Financial Advisors Webinar