Two bond ratings agencies have downgraded Monroe County's rank.

The analyses were prepared ahead of the county's plans to bond about $81 million. Fitch now gives the county a BBB with a stable outlook, while Moody's gives it a Baa2 with a negative outlook - that means analysts expect further decreases. The changes shouldn't catch anyone by surprise; the county is still struggling with a recurring budget deficit, and the firms' analyses say as much.

In fact, there's little new in what the firms say. Fitch faults the county for refusing to raise taxes, saying in a press release that the approach "has reduced the ability to maintain any reserves and has altered the financial profile of the county."

Moody's puts it another way: the markets are vulnerable and by relying on "cash flow borrowing," the county could be in trouble if it can't access the markets.

County officials generally downplay the analyses and say they won't raise taxes just to make these firms happy. The ratings matter because they help determine what interest rate the county pays on borrowed funds.

The other interesting thing addressed in both analyses is stimulus funding. The county's getting approximately $30 million in extra federal funding this year - it's meant to offset increasing Medicaid costs - and will get a similar sum next year. That lets the county put off some planned tax lien sales. But that money will go away and, on top of that, its pension spending will go up, "placing further pressure on financial obligations and liquidity," says the Moody's report.