Moody's Investors Service said it has downgraded Monroe County, N.Y.'s general obligation rating to Baa1 from A3 and revised the outlook to negative from stable.

The downgrade affects $454.6 million of outstanding long-term debt secured by the county's general obligationpledge as limited by the Property Tax Cap Act (Chapter 97 (Part A) of the Laws of the State of New York, 2011).

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