Moody's Investors Service said it has downgraded to Baa3 from Baa2 Perry County, Ky.'s general obligation bonds.
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The downgrade affects $4.7 million of outstanding GOULT debt. The county has an additional $10 million in debt not rated by Moody's, but it is included in the analysis.
The bonds are secured by the county's unlimited tax pledge.
The downgrade reflects the county's very narrow financial position, reliance on economically sensitive revenues, and below average socioeconomic profile.
The rating also considers the county's moderate size and its exposure to coal mineral values and overall concentration in the coal mining sector.
