Credit trends in California's municipal lease market have been negative in the last 21 months, with the volume of debt downgraded far exceeding the amount upgraded, Standard & Poor's Corp. said.

For the first nine months of 1994, ratings on almost $4.4 billion of California lease issues were lowered, while upgrades were limited to about $7 million. In 1993, Standard & Poor's downgraded $464 million of California lease securities and raised the ratings on about $51 million.

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