The Fitch Ratings credit rating agency has cut two Montgomery County (PA) bond ratings to AA+, down a notch from its former top-level AAA rating, as the county prepares to borrow again. Fitch statement here. Neighboring Chester County is still AAA.*
In a report by Fitch analyst Eric Freidman, Fitch blamed the "sizeable decline in the county's general fund balance following several years of large operating deficits," which"reduced reserves to levels no longer consistent with the 'AAA' rating category."
County commissioners' chairman Josh Shapiro (Democrat), elected in November, told me he blames "inherited" spending under the previous county administration. "We have just begun to turn things around and dig ourselves out of the hole," he said in a statement. "More needs to be done, and we will do it."