Moody's Investors Service last week downgraded by three notches — to Baa1 from A1 — the village of Bourbonnais' $4.9 million of sewer system revenue debt due to declining debt-service coverage ratios.

The downgrade reflects the system's deteriorated financial position, with debt-service coverage levels falling below the rate covenant because of a general revenue slowdown and the village's decision not to raise rates to meet increasing debt demands.

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