Moody’s Investors Service last week downgraded to junk the unlimited-tax general obligation debt issued by the village of Riverdale, in suburban Chicago.

The downgrade to Ba1 from Baa3 affects $1.6 million of debt, and reflects the Cook County village’s “deteriorating financial position, ongoing annual operating deficits and the various challenges the village will face to address its financial issues,” Moody’s said. It also assigned a negative outlook to the debt.

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