Moody’s Investors Service is maintaining its negative outlook on U.S. states.

“While the U.S. states remain strong with tax revenues having recovered modestly, states face persistent fiscal challenges due to the slow recovery of the U.S. economy, a weak global economic outlook and risks to states from federal downsizing,” said Moody’s senior analyst Ted Hampton. Hampton is one of five authors of a report, “U.S. States Sector Outlook Remains Negative,” released Wednesday.

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