CHICAGO - Cook County, Ill., received its second dose of bad credit news in a week when Fitch Ratings yesterday downgraded its general obligation rating one notch to AA-minus ahead of the county's sale as soon as next week of $507 million of new-money taxable Build America Bonds and tax-exempt refunding debt.

The outlook is stable at the lower rating. Moody's Investors Service last week downgraded the credit to Aa3 from Aa2. The rating actions impact $2.9 billion of outstanding debt in addition to the new money issuance of $251 million.

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