Moody's Investors Service has downgraded Hennepin County, Minn.'s first-lien sales tax revenue bonds to Aa1 from Aaa in connection with the agency's new rating methodology for debt backed by special tax revenues.

The downgrade affects $148 million of bonds sold in 2007. Moody's affirmed the Aa2 assigned to $107 million of second-lien bonds from 2008 and the Aa3 on $53 million of third-lien debt from 2008. All the liens carry a stable outlook.

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