WASHINGTON — States slowed their borrowing dramatically, with a growth of only 2.5% in 2011, despite low interest rates, according to a new Moody’s Investors Service report.

This comes after much higher growth of 10% and 8% in outstanding net tax-supported debt in 2009 and 2010, respectively. The combined 2011 net tax-supported debt for all 50 states increased to $510 billion from $497 billion in 2010, Moody’s said. Net tax-supported debt is defined as debt secured by state taxes or other operating resources that could otherwise be used for state operations.

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