Moody's Investors Service said yesterday that it raised the ratings on 60 municipal debt issues and lowered the ratings on 55, in actions that affected a total of about $11 billion in the second quarter of 1991.

The agency upgraded $9.2 billion of municipal debt, while it lowered ratings on only $1.7 billion. "In terms of debt affected," the agency said in a press release, "results were very favorable."

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