Standard & Poor's Corp. said Monday that municipal rating downgrades exceeded upgrades in the second quarter of 1993, with 69 downgrades totaling $2.3 billion and 40 upgrades totaling $1.4 billion.

The housing sector dominated the downgrades, accounting for 34 of the total number of ratings lowered by the rating agency in April, May, and June. The sector also saw the largest dollar volume of downgrades, at $1.2 billion.

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