June 11, 2013 / 9:07 PM / 4 years ago

Fitch cuts New York's Nassau County GO bonds to A

June 11 (Reuters) - 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.

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