Undisclosed Missed Debt Payment Spurs Superdowngrade in Illinois

A roughly 120-year-old park district in central Illinois that failed to disclose a missed municipal-bond payment for several months had its credit rating slashed five levels into junk by S&P Global Ratings, which signaled another downgrade is possible.

Pekin Park District, a recreation area about 170 miles (270 kilometers) southwest of Chicago, missed a $416,000 debt-service payment in December on bonds issued in 2020. By S&P’s count, it didn’t reveal that until 102 days after the due date, when it made the payment in late March.