WASHINGTON - This recession will likely result in more rating downgrades for local governments than any other during the last 40 years because it will be deeper and longer lasting, Moody's Investors Service warns in a new report.

"Given the widespread nature of this downturn and its possibly unusual depth and duration, [it] may have a more significant impact on ratings than prior cycles," Moody's said in its report: "Impact of the Credit Crisis and Recession on Local Governments."

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