LOS ANGELES Moody's Investors Service lowered the rating on one California school district and confirmed the ratings on eight other districts, all of which the state department of education recently identified as financially distressed. The rating revision and confirmations are described in Moody's fifth annual report on the credit quality of California school districts, scheduled for release today.

Moody's dropped its rating on $44.8 million of Alameda Unified School District general obligation bonds to A from A1 because of "financial strain relating to one-time buyouts of teacher positions," Diane R. Gatewood, a Moody's assistant vice president, said Friday. The rating change on the Alameda, Calif., district was made Aug. 10.

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