Moody's Investors Service said it has assigned a Aa2 rating to Dutchess County, N.Y.'s $6.2 million public improvement serial bonds, 2013, and downgraded to Aa2 from Aa1 the county's $107.7 million in outstanding general obligation debt, the outlook has changed to stable from negative.

The bonds are secured by the county's general obligation pledge as limited by the Property Tax Cap - Legislation (Chapter 97(Part A) of the Law of the State of New York, 2011).

The downgrade to Aa2 reflects the county's declining financial position, with relatively narrow reserves compared to Aa national county medians.

The Aa2 rating also incorporates a declining but still sizable tax base with above average wealth levels and a modest debt burden.

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