Moody's Investors Service said it has downgraded to A1 from Aa3 the rating for Weakley County, Tenn.'s $21.3 million in outstanding general obligation debt. The bonds are secured by the county's unlimited tax pledge.

The downgrade for the general obligation debt to A1 from Aa3 reflects the county's weakened financial position and narrow cash position. The rating also takes into consideration the county's small tax base with below average wealth levels and high unemployment as well as a manageable debt burden with significant variable rate exposure.

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