Moody's Investors Service has downgraded to A2 from A1 the rating on the Village of Antioch's ( IL) general obligation unlimited tax debt. The A2 rating applies to $1.27 million of outstanding Moody's-rated general obligation debt.
The outstanding rated bonds are secured by the village's general obligation unlimited tax pledge. The downgrade to the A2 rating reflects the villages weakened financial position and diminished liquidity following several years of General Fund declines and regular use of General Fund reserves to support ongoing operations. The rating additionally reflects the villages moderately sized tax base experiencing declines, manageable debt burden, and above average wealth levels.
