Fitch Ratings has stripped Evanston, Ill. of its top credit rating ahead of its sale of $12.7 million of general obligation debt, primarily because of the city’s pension funding woes.

Fitch lowered the rating to AA-plus from AAA. Proceeds of the sale will finance various public improvement projects and allow the city to make a deposit into certain debt service funds of the city’s sewage system for purposes of paying certain outstanding obligations on their respective scheduled payment dates.

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