Moody’s Investors service said it has downgraded Chautauqua County, N.Y.’s long-term general obligation rating to A1 from Aa3, affecting around $55.7 million in outstanding unlimited-tax debt.

The downgrade reflects the county’s weakened financial position due to recurrent operating deficits, with another deficit expected in the current fiscal year. The A1 rating also reflects the county’s moderately sized tax base.

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