CHICAGO — The Regional Transportation Authority of Illinois board yesterday approved a $140 million taxable working cash-flow note issue that will help the agency keep Chicago-area buses and trains in service as it awaits its overdue state aid.

Fitch Ratings yesterday downgraded the agency by one notch to AA-minus and assigned a negative outlook, warning that the state’s chronic tardiness and faltering sales tax collections have damaged the RTA’s financial flexibility.

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