June 11 Fitch Ratings said on Tuesday it cut
Nassau County, New York's general obligations one notch to A
from A-plus with a negative outlook, affecting about $1.5
billion of debt.
Fitch also cut Nassau Health Care Corp's county guaranteed
bonds to A from A-plus.
The rating action "reflects the county's lack of significant
progress in reducing its accumulated deficit reserve position,"
the rating agency said in a statement.
The negative outlook remains in place as the county is
exposed to possible liabilities in conjunction to tax refund and
wage freeze litigation, both of which have been ruled against
the county. "An adverse decision on appeal for either or both
cases would further stress the county's already limited
financial flexibility," Fitch said.