CHICAGO -- Evanston, Ill. lost its coveted Aaa rating last week when Moody’s Investors Service downgraded it to Aa1 in light of the city’s large pension liability.

Evanston is a suburb of Chicago with strengths that include an affluent tax base, financial flexibility, and strong management, Moody’s said in the downgrade report. It’s the home of Northwestern University, its largest employer, and several large health care institutions.

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