CHICAGO — Moody’s Investors Service Thursday hit Cook County, Ill., with a downgrade, affecting $3.5 billion of outstanding general obligation bonds issued by the nation’s second-largest county.

The drop  to Aa3 from Aa2 comes days after the county revealed a pair of accounting errors in its fiscal 2009 audit that inflated general fund revenues by $90 million and will likely aggravate an already-challenged fiscal position, Moody’s said.

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