CHICAGO — Moody's Investors Service knocked Kankakee County, Ill. and the city's public building commission's general obligation rating down three notches due to its ongoing struggle with operating shortfalls.

The rating was dropped to Baa1 from A1 and a negative outlook assigned on $14.4 million of rated GO debt. The rating on $6.6 million of limited tax debt certificates fell to Baa2 from A2 and a negative outlook was assigned.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.