Moody's Investors Service and Standard & Poor's Corp. yesterday downgraded the outstanding bonds of the Puerto Rico Aqueduct and Sewer Authority to below investment-grade status.

Moody's downgraded to Ba from Baa about $408 million of the water and sewer authority's series 1988A and 1988AA revenue bonds, while Standard & Poor's lowered its ratings on $372 million of the series 1988A bonds to BB from BBB.

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