Moody's Investors Service downgraded Dutchess County, N.Y.'s general obligation rating to Aa2 from Aa1 on Nov. 8, affecting $108 million in debt.

Moody's analyst Vito Galluccio and vice president Geordie Thompson attributed the downgrade to several factors. The county's reserves have been shrinking and are now at levels below Aa national county medians, they wrote. The county has seen a declining tax base in recent years. It depends on economically sensitive revenues.

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