New York, September 27, 2016 -- Moody's Investors Service has downgraded the rating of Montgomery County's (MD) Lease Revenue Bonds (Metrorail Garage Projects), Ser. 2011 to Aa3 from Aa2. The Aa3 rating is three notches lower than Moody's Aaa general obligation rating on the county. The general obligation rating on the county remains Aaa with a stable outlook. The notching reflects the county's moral obligation pledge to replenish the debt service reserve fund on the bonds and the less essential nature of the leased asset, the parking garages at the Glenmont, Shady Grove and Grosvenor-Strathmore metrorail stations, all of which were financed or refinanced by the Lease Revenue Bonds.

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