LOS ANGELES -- In a triple whammy, the three major credit rating agencies Friday downgraded about $18.4 billion of California general obligation bonds.

Standard & Poor's dropped its long-term rating on the state's bonds to A from A-plus, Moody's Investors Service lowered its rating to A1 from Aa, and Fitch Investors Service downgraded the state to A from AA. In addition Moody's revised California's lease revenue bond rating to A from A1.

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