CHICAGO -- Moody's Investors Service yesterday downgraded to Caa from A $39 million of outstanding Polk County, Iowa, industrial revenue bonds after bondholders did not receive a $2 million semiannual principal and interest payment due Dec. 1.

A Caa rating denotes a default. The rating agency also placed the county's Aa-rated $22 million of outstanding general obligation debt under review, according to Jamie Burr, a Moody's vice president and assistant director for legal analysis.

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