Moody’s Investors Service has assigned an A1 rating with a negative outlook to Carroll County, N.H.’s general obligation bonds.
Moody’s has also downgraded to A1 from Aa3 and assigned a negative outlook to the county’s $4.4 million of outstanding GOs.
The bonds are secured by the county’s unlimited GO property tax pledge.
The downgrade and negative outlook reflect the growing general fund balance receivable due from the county’s nursing home enterprise fund and the possibility of liquidity pressure and general fund balance deterioration, should the interfund receivable continue to grow.
The A1 rating also factors the county’s sizable tax base with a large second home component, and increasing debt position.
