A $626 million issue of general- obligation debt, however, kept its A rating at the time because it was insured.

The move affects $3.2 billion of the state's top triple-A rated general obligation debt.

Then there's state-related debt: That is what used to be called the moral obligation debts.

Like the second quarter the Northeast again dominated, led by a major rating change of Philadelphia's general obligation debt.

State law generally sets the conditions under which a local government can issue general obligation debt, including the type of security available.

Mr. Vallone's proposed two-year moratorium would cover all new general obligation debt.

However, during his tenure, the state's general obligation debt increased by almost $1 billion.

The bonds would be voter-approved general obligation debt, which some consider "good debt."

Standard & Poor's rated its general obligation debt as 'A'.

And $90 million of refunding general obligation debt, competitive.