Moody's Investors Service has downgraded the Manitowoc County, Wis.'s general obligation rating to A1 from Aa3 and removed the negative outlook.
The A1 rating applies to $27.2 million in outstanding general obligation debt. The district's general obligation rating is secured by a dedicated property tax levy, unlimited as to rate or amount.
The downgrade to A1 from Aa3 and the removal of the negative outlook reflects the county's reduced general fund reserve balance and management's intention to maintain reserves at current levels going forward.
The A1 rating also incorporates the county's large and diverse tax base located 20 miles south of Green Bay (GO rated Aa2); narrow unassigned general fund reserve balance; and manageable debt and pension obligations.
