WASHINGTON -- Moody's Investors Service on Friday announced it had revised 119 municipal bond ratings during the second quarter of 1992, affecting $5.6 billion of debt.

The rating agency said the revisions were "basically balanced," with 61 upgrades and 58 downgrades. Moody's said there was a sizable gap, however, in the amount of debt affected by the revisions, with $3.38 billion downgraded and $2.24 billion upgraded.

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