LOS ANGELES - Moody's Investors Service Inc. said yesterday that a downgrade "should be expected" on California bonds unless state officials can produce a fiscal 1993 budget by Monday.

The warning from Moody's, strongly reiterating a downgrading threat issued last month when the state sold revenue anticipation warrants, reflects specific circumstances under which a "budget delay is a more serious and immediate concern" in California than in other states, the agency said in a release.

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