NEW YORK - Moody's Investors Service said it has downgraded to B1 from Ba2 the ratings on the village of Riverdale, Ill.'s general obligation unlimited tax rating. The rating remains under review for downgrade. The rating action affects $1.6 million of outstanding rated debt.
The downgrade reflects the uncertain viability of the village's deficit elimination plan in a weak economic environment. The rating action also reflects the village's deteriorating financial position, ongoing annual operating deficits; over reliance of inter-fund transfers, poorly funded pension liabilities, challenged local economy and a history of weak management.