NEWPORT, R.I. -- Moody's Investors Service yesterday downgraded the general obligation ratings for Bridgeport, Conn., to below investment grade levels.

About $71 million of the city's uninsured bonds were dropped to B from Baa. The $33.5 million 1989 Series B issue was dropped to Ba from A; this deal is rated a shade higher due to a special state-supported reserve fund, the agency said.

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