Moody's Investors Service downgraded Monroe County, N.Y.'s general obligation rating to Baa1 from A3 and changed the county's outlook to negative, affecting $455 million in debt.

"We are pretty disappointed in the decision," Monroe County chief financial officer Robert Franklin said. "Wall Street and Moody's want us to raise taxes to have a nice healthy fund balance. Our county executive is dedicated to the interests of our tax payers and not to Wall Street."

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