CHICAGO – Moody’s Investors Service downgraded $10.8 million of certificates of participation issued for a Chicago tax-increment financing district two notches to the lowest investment grade level due to ties to the city’s weakened credit.

The rating was lowered to Baa3 from Baa1 and a negative outlook was assigned on two series of TIF COPs issued for Chicago’s River West and Fullerton/Milwaukee TIF districts.

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