CHICAGO — The Chicago suburb of Lombard paid a steep price in the form of a six-notch downgrade after it refused to dip into its own coffers to cover a $912,000 debt-service shortfall on hotel and conference center debt that carries village support.

Standard & Poor's on Thursday lowered the village's issuer rating to BBB from AA and assigned a stable outlook. It also downgraded its GO certificates to BBB-minus, the lowest investment-grade level, from AA-minus.

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