It can contain listeria, giardia, roundworm, e. coli, salmonella, clostridium and all sorts of other nasty business. Most healthy horses have low amounts of these in their stools, especially compared with dogs or humans. However, each horse produces about 5 tons (11,000 lbs) of poo a year.
A bunch of horses in a big city on a rainy day is a recipe for spreading disease.