Russell County, Ky., Upgraded to A1 by Moody's

Published March 16, 2015, 2:27 p.m. EDT

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Moody's Investors Service said it has upgraded Russell County, Ky.'s, general obligation rating to A1 from A2.

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The upgrade affects $4.4 million in outstanding bonds.

The upgrade to A1 reflects the strong financial performance driven by tax rate adjustments and conservative budgeting that have resulted in healthy and above average reserves.

The rating also incorporates the county's moderately sized tax base, modest debt burden, recent loss of Fruit of the Loom, a major employer, and weak socioeconomic profile.

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