Moody’s Investors Service lowered  its outlook on Westchester County’s triple-A rating to negative from stable, affecting about $1 billion of debt that includes $836 million of general obligation bonds and $120 million of outstanding lease revenue bonds.

“The negative outlook reflects the county’s ongoing structural imbalance that has driven reserve declines that may limit the county’s financial flexibility, and ability to respond to mid-year revenue or expenditure fluctuations,” Moody’s said in a report issued July 25.

Credit strengths include a large and diverse tax base that benefits from the county’s above-average wealth levels and proximity to New York City, analysts said. Challenges included the exposure to economically volatile sales-tax revenues.

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