The outlook for issuers of municipal debt remains negative for the third year in a row, and more rating downgrades are on the way, credit rating agency Moody's Investors Service said. A growing anti-tax movement, the end of federal stimulus spending and fragility of the economic recovery are the major forces behind the deteriorating quality of municipal credit. Although widely debated, a rising cost of retirement benefits isn't an immediate concern, Moody's said.

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