Moody's Investors Service said it has downgraded to A1 from Aa3 the underlying rating on Kendall County Forest Preserve District, Ill.'s general obligation tax pledge.
The A1 rating applies to $48.7 million of outstanding rated general obligation debt.
The outstanding rated bonds are secured by the district's general obligation unlimited tax pledge.
The downgrade to the A1 rating is based on the district's narrow General Fund reserves with reliance on one-time transfers to offset operational deficits.
Additionally incorporated in the ratings change is the district's sizable tax base, which is coterminous with Kendall County, its above average socioeconomic characteristics and its manageable debt profile.
