Moody’s Investors Service dropped Libertyville’s general obligation rating two notches to Aa3 and affirmed its negative outlook due to a deteriorated fiscal position.

The review came in conjunction with the village’s upcoming $15 million refunding. Libertyville has about $27 million of outstanding debt. The deal will restructure and extend the maturity on bonds issued in 2000 and 2001 to acquire land and construct a village-operated ­recreational facility.

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