Moody’s Investors Service last week revised its outlook on Nassau County to negative from stable ahead of a $210 million note sale this week. Moody’s said in a rating report that it expects the Aa3-rated county’s financial position will decline further in 2010.

“Structural gaps are likely to increase given recent changes to the county’s multi-year financial plan, which decreased recurring revenue sources and replaced these with expenditure savings targets which management may be challenged to achieve,” Moody’s said.

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