Report: Moody’s cuts Montco’s bond rating for $417 million debt

 

Reuters is reporting that Moody's Investors Service on Thursday cut the general obligation bond rating of Pennsylvania's Montgomery County to Aa1 from AAA after several years of operating deficits caused by a growing budgetary imbalance.

The downgrade affects $417 million of long-term outstanding debt, the news service reported.

Moody's also revised the county's ratings outlook to stable from negative, according to the news organization.

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