Moody’s Investors Service has downgraded the village of Cary’s waterworks and sewage revenue debt to Aa3 from Aa2 due to a weakening of debt-service coverage ratios. The downgrade affects $5.4 million of bonds.

The village, located in McHenry County in northeast Illinois, saw the coverage increase through the mid-2000s. It peaked in 2008 at 2.77 times, well above the required covenant rate of 1.25 times.

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