When Moody’s Investors Service warned of a possible downgrade to the United States’ sovereign credit last month, it said hundreds of triple-A muni credits ¯ including five of the 15 states it rates Aaa ¯ could likely follow.

Moody’s affirmed the sovereign credit and assigned it a negative outlook on Aug. 2, and then assigned negative outlooks on the five U.S. states and 303 other public finance issuers it sees as “indirectly linked” to the federal government.

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