A major credit rating service has downgraded Westchester County, in suburban New
York, to its second-highest level.
Moody's Investment Services attributed the slip from Aaa to Aa1 to a "lack of
liquidity." It noted that Westchester is taking part in a program offered by the
state to amortize pension payments.
In a statement Wednesday, County Executive Robert Astorino said he chose the
state program over layoffs and higher taxes.
He also noted that two other big ratings services, Standard & Poor's and
Fitch, have kept the county at their highest rankings. All three firms list
Westchester's outlook as "stable."
Astorino said Westchester still has the highest bond ratings of any New York
county.
http://online.wsj.com/article/AP522bc1fa07b04c95b45bec21cc3793c5.html
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