Investors ignored California's budget problems and snapped up $441 million of general obligation bonds yesterday, while secondary prices climbed 1/8, despite a slew of bid-wanteds.

There had been market rumblings over the last week that California's projected $3 billion deficit might affect its coveted triple-A ratings. But both Moody's Investors Service and Standard & Poor's Corp. afirmed the gilt-edged ratings Tuesday, and by session's end the issue was reported all sold except for $14.5 million.

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