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Moody's: 7 NC counties, cities no longer negative

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RALEIGH, NC (AP) -- Seven local governments in North Carolina are no longer getting extra scrutiny from one of the nation's credit rating agencies.

State Treasurer Janet Cowell's office says the cities and counties have had their credit rating outlooks revised by Moody's Investor Service. The ratings agency reversed its outlook from negative to stable for bonds issued by Greensboro and Winston-Salem, along with Durham, Guilford, Mecklenburg, New Hanover and Wake counties.

The local governments four months ago were among 161 local governments across the country and five state governments with triple-A bond ratings that were issued negative outlooks by the bond rating agency.

The negative outlooks meant the local governments faced a higher likelihood that their credit ratings could be downgraded in the future, which would drive up the cost of borrowing.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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