Moody’s Investors Service said it has downgraded to Ba2 from A1 Strafford County, N.H.’s general obligation bond rating, affecting approximately $21 million in outstanding parity debt.
The bonds are secured by a general obligation unlimited-tax pledge.
The rating downgrade reflects the severe deterioration of the county’s financial position, lack of liquidity, and heavy reliance on cash-flow borrowing to fund operations.