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Moody's says W. Pa. tax review bad for non-profits

PITTSBURGH (AP) -- Credit ratings agency Moody's Investors Service says Allegheny County's review of tax-exempt property "is a credit negative" for non-profit organizations which could put more demands on their operations.

The report issued Thursday says that the county review of tax-exempt properties may have long-term financial consequences for non-profits since they will have to spend time and money to address questions about whether they deserve the exempt status.

New York-based Moody's says larger non-profits are likely to be in a better position to absorb extra costs, but smaller ones could face substantial impacts.

Allegheny County Executive Rich Fitzgerald's office didn't immediately respond to requests for comment about the Moody's report. Fitzgerald ordered a review of all non-profits in the county last week.