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Moody's Downgrades Peoria's Bond Rating

Moody's Downgrades Peoria's Bond Rating

Moody's Investors Services downgraded Peoria's bond rating Friday to double A3. That's a notch down from a double A 2 rating and refers to the city's ten million dollar obligation bonds issued this year. The debt is expected to be serviced by utility tax and sewer fee revenues. Moody's says the downgraded rating reflects the city's above average debt burden and unfunded pension liabilities. However, despite the downgrade, Moody's also expects a stable outlook for the city, saying the city's credit profile will remain consistent with the double A 3 rating for the near future.
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