Moody’s Investors Service downgraded Suffolk County, N.Y.’s general obligation debt to A2 from A1 and maintained a negative outlook.

The downgrade, which affects $1.4 billion in outstanding debt, was due to the county’s failure to meet projected fiscal 2012 year-end estimates, despite its deficit reduction plans and use of non-recurring revenues in an attempt to balance the budget, Moody’s said Thursday. The county’s fiscal years correspond to calendar years.

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