"If you buy this paper you have to track the progress of Foxconn," he said. The sale of the bond anticipation notes, which greatly increased the county's debt burden, led Moody's Investors Service to downgrade the county's rating by a one-notch to Aa2 in 2017. On Friday, Moody's affirmed the Aa2 rating and a negative outlook, which it said reflects the county's exposure to "risks and uncertainties" surrounding the Foxconn project. While noting uncertainty over the size and scope of the project, S&P Global Ratings rated the bonds AA, saying that they do not substantially add to the county's debt burden or introduce substantial risk to its credit quality. Racine County, which is putting its unlimited taxing power behind the bonds, said it has strong protections in its local development agreement with Foxconn. "We remain encouraged about the progress we've seen and continue to see each day on the ground," Racine County Executive Jonathan Delagrave said in a statement.