Moody's Investors Service said yesterday that the trend of more downgrades than upgrades for municipal credits reversed itself in the first half of 1993, as the agency raised $7 billion in ratings and lowered $2.2 billion.

The 136 issues upgraded and 88 downgraded between January and June compares with the first half of 1992, when there were a total of 102 upgrades affecting $6.2 billion of debt and 109 downgrades affecting $35.3 billion of debt.

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