LOS ANGELES -- Moody's Investors Service yesterday lowered its rating on $16.06 billion of California general obligation bonds to Aa from Aa1 after state lawmakers failed to agree on a fiscal 1993 budget.

The rating agency also downgraded ratings on $2.88 billion of state lease-backed debt to A1 from Aa.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.