LOS ANGELES - Moody's Investors Service said it does not anticipate immediate or widespread rating revisions for California cities, noting that many of them prepared for recent state cutbacks affecting local property tax revenues.

"Concerns persist, however, about the long-term impact on credit quality of the state's continuing recession and ongoing budget difficulties," Moody's said in a report. "Consequently, some rating downgrades are possible for local government debt in the longer term."

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