Moody’s Investors Service last week downgraded Antioch’s $1.5 million of general obligation debt to Baa1 from A3 as the village saw a drop in its general fund balance in 2008 to 4.2% from 18.9% in fiscal 2004.

The downgrade was also due to the expectation that the village’s moderately sized $1.2 billion tax base in the northern portion of Lake County will likely experience a slowdown in growth due to the current economic environment and softening of the real estate market. Antioch is located far north of Chicago at the Wisconsin border.

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