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Moody’s Downgrades Pennsylvania

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With Harrisburg already bankrupt and Scranton on the verge, Moody’s has decided to downgrade the state’s credit rating from Aa1 to Aa2. Citing unfunded pension liabilities, high debt and slow to moderate growth the rating agency also changed it’s outlook for Pennsylvania from negative to stable. On the upside, Moody’s says that the Government has improved with “two consecutive timely ...

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