Moody's Investors Service downgraded 290 municipal issuers from April 1 through June 30, the most for any quarter since 2000, led by cities and school districts still recovering from the longest recession since the 1930s.
It was the 14th-straight quarter that downgrades exceeded upgrades, Moody's said in a report today. There were 4.4 downgrades for every rating raised. The cuts include the 90 California redevelopment authorities reduced by the New York- based rating company.
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