NEW YORK - Moody's Investors Service said it has downgraded Spalding County, Ga.'s $40 million of outstanding general obligation unlimited tax-backed to A1 from Aa3 and removed the negative outlook.

The downgrade to A1 reflects the county's weakened financial position driven by operating deficits in four of the last five fiscal years. The rating also factors in the county's sizable tax base, below average socio-economic indices and a manageable debt profile.

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