Moody's to review Virginia's bond rating

As Gov. Bob McDonnell touted Virginia's $311 million surplus Tuesday, Moody's Investment Services announced it will be reviewing Virginia's AAA bond rating.

The rating agency said it may downgrade Virgina's rating, and those of four other states with AAA ratings, if the federal government fails to raise the debt ceiling and goes into default. 

Moody's said it will be reviewing Virgina's rating, along with those of Maryland, South Carolina, Tennessee and New Mexico, for possible downgrade because these states may be most adversely affected if the federal government defaults on its debts.

Moody's said it would not automatically lower the rating of Virginia and the four other states if it downgrades the U.S. rating, but would look at each state on a case by case basis.