CHICAGO — Moody’s Investors Service lowered Springfield’s $634 million of senior-lien electric revenue bonds one notch to A1 and warned of further action due to a narrowing of its debt-service coverage ratios and liquidity position — neither of which has been helped by Illinois’ lateness in paying its bills.

Senior-lien debt service coverage fell to 1.11 times in fiscal 2009 and remained there in 2010. The utility also had cash on hand to cover just 32 days of operation.

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