Monroe County N.Y.-Some bad news for Monroe County this morning.
Moody's Investment Services has downgraded the County's bond rating from A3 to BAA1 -The lower rating will mean the cost of borrowing will be higher for the County.
Moody's says this rating is tied to the County's more than $454 million outstanding, long-term debt. They say the negative outlook reflects the belief that the county's finances could get worse.
The good news ?Moody's says the tax base in the county is stable, unemployment rates are reasonably low, and the county doesn't have huge pension costs. Also, BAA1 rating is still investment grade.