Rhode Island took a big step financially last month, passing a law to overhaul its public pension system, but its local governments face heightened credit pressure and possibly more ratings downgrades in 2012, according to Moody’s Investors Service.

Moody’s, in a special report issued Monday, determined that Rhode Island’s troubles are long-term. “The risk of an economic double-dip [recession] remains higher for Rhode Island than for the rest of the nation,” the report said.

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