Montgomery County’s bond rating with Moody’s Investor Service has dropped a notch, from Aaa to Aa1.
It means the county will no longer get the lowest interest rates when it borrows money.
The Wall Street rating firm says its decision follows several years of operating deficits caused by a growing structural imbalance. The Chairman of the County Commissioners, Josh Shapiro, says the downgrade reflects what happened before January of this year, and county finances are on the road to recovery.
Bucks County’s bond rating with Moody’s remains at Aaa.