Moody's Investors Service downgraded the Springfield Park District's debt to Baa1 from A3 and assigned a negative outlook due to the district's narrowed financial position.

The action affects $14.2 million of debt, and came in conjunction with the district's planned sale of $1.65 million of bonds. It has raised revenue and cut spending to eliminate a current-year deficit but multiple operating deficits coupled with spending on capital projects has depleted general fund reserve levels.

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