Moody's Investors Service revised its outlook on Bucks County, Pa., to negative, affecting $387 million in general obligation bonds and GO-guaranteed debt.

Moody's, which confirmed its Aaa rating, said its action concludes a review for possible downgrade that it initiated on Jan. 15.

"The negative outlook reflects multiple years of reserve declines that have weakened the county's financial position," the rating company said in an April 21 statement. It also cited slow revenue growth due to measured recovery and high fixed costs.

County strengths, according to Moody's, include a large and diverse tax base with above-average wealth indicators, and low debt burden with rapid amortization.

The 627,000-population county, whose seat is Doylestown, lies between Philadelphia and Allentown.

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