Moody's Investors Service yesterday said that it may downgrade Nassau County, N.Y.'s credit rating in response. to a political impasse that threatens key elements of the county's deficit-elimination plan.

"We have real concerns," said Michael L. Johnston, the agency's vice president of Mid-Atlantic ratings. "We haven't made any decisions yet. But the level of concern is quite high. We have to see how this situation pans out. "

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