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Moody's rates the security level of debt sold by corporate, college, and governmental entities.

A rating of AAA is the highest possible, and represents almost certainty that the debt will be repaid by the entity to the lender (investor).

Only 23 counties in the United States have a AAA bond rating, only one of which is located in Pennsylvania: Chester County. For 150 years, Chester County in Pennsylvania has been led by Republicans. However, Moody's ratings are based on ability to repay bond debt, without regard for politics. For example, Arlington County Virginia, which has had only Democratic elected officials for decades also has an AAA bond rating from Moody's.

On July 23, 2014, Moody's reduced the rating of Democrat-controlled Atlantic City's debt to "junk", an extremely low rating.