Moody’s Investors Service stripped Dane County of its top credit marks due to its declining fund balance and warned of a potential future downgrade ahead of its $24 million general obligation bond sale last week. The issue included a tranche of recovery zone economic development bonds authorized in the federal stimulus program.

The rating agency lowered the county’s credit to Aa1 from Aaa and assigned a negative outlook, affecting $236 million of debt. Dane issued $2 million of taxable GO corporate purpose Build America bonds, $8.5 million of GO health center RZEDBs and $14 million of GO promissory notes last week.

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