WASHINGTON (AP) - The ratings agency Moody's has revised its outlook on the District of Columbia's general obligation bonds from stable to negative.
Moody's did not downgrade the district's bond rating. The agency says the downgrade "reflects the district's unique exposure ... to federal government downsizing."
It notes that the district still has "strong institutionalized financial management." The district retained its Aa2 rating, the third-highest rating from Moody's, for general obligation bonds.
There were no other changes to the district's bond ratings from the three major credit rating agencies.
D.C. Council Chairman Kwame Brown notes that the negative outlook "is a consequence of the actions of the federal government."
(Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)