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Moody’s downgrades St. Lawrence County credit rating

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Moody’s Investor Service has downgraded the credit rating on St. Lawrence County’s bonds for its lease on its Canton Human Services building.

Moody’s also affirmed a negative outlook on the county’s rating.

Moody’s based the downgrade on the county’s weakening financial position, revenue from a gaming compact that the county may not receive and potential retroactive payments due to expired union contracts.

“The negative outlook reflects Moody’s belief that the county’s finances and reserve levels will continue to be pressured in the near to medium term as the result of a current structural imbalance in its operation, and no definite plan to restore reserve level,” the company said.

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