Local governments in Massachusetts still face significant fiscal strain, but most have managed their challenges well, Moody’s Investors Service said Monday in a special report.

“The state is among the wealthiest in the country, with income levels that exceed those of most other states, and an unemployment rate that has consistently been below the nation through the recession and recovery,” said Moody’s. “In addition, most Massachusetts local governments are not highly leveraged, resulting in modest direct debt burden.”

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