July 16, 2012 / 7:09 PM / 5 years ago

Moody's downgrades Pennsylvania on pensions, slow growth

July 16 (Reuters) - Moody’s Investors Service downgraded Pennsylvania’s general obligation debt to Aa2 from Aa1 on Monday, citing concerns about the state’s growing unfunded pension liabilities and a slow economic recovery.

The credit ratings agency also revised its outlook to stable from negative, saying that the state’s economy has stabilized but will grow more slowly than other states on average.

At the same time, Moody’s assigned an Aa2 rating to $363.6 million in Pennsylvania GO refunding bonds scheduled for sale on July 24.

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