LOS ANGELES -- Standard & Poor's Corp. yesterday said it has lowered its ratings on two series of Intermountain Power Agency crossover bonds, totaling $819 million, because of a reduction in the credit quality of a portion of investments in which the bond proceeds are held.

The downgrade, to AA-minus from AA, affects $408 million of special obligation bonds, first crossover series, and $411 million of special obligation bonds, fifth crossover series.

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