A decision by Wisconsin’s Racine County to give financial assistance to Taiwan-based Foxconn to build a massive liquid-crystal display plant has led to a credit rating downgrade for the county.

Moody’s Investor Service on Wednesday dropped the rating one notch to Aa2 from Aa1, citing anticipated growth in the county’s debt burden after it authorized up to $764 million in financial incentives to support the $10 billion plant.

The rating action came as Racine County expects to sell $79.2 million of taxable bond anticipation notes to finance land purchases for the project.

Mount Pleasant, the site of the plant, also plans to sell up to $113 million of bonds for Foxconn, in a move that will increase the county’s overlapping debt burden, Moody’s said.

Read more in Reuters.