ATLANTA -- In a double whammy for the Municipal Electric Authority of Georgia, two major rating agencies yesterday downgraded about $4 billion of authority debt, each citing financial stress caused by excess generating capacity.

According to Moody's Investors Service, its rating change affected about $3.2 billion of senior lien debt, which was lowered to A from A1, and about $600 million of fixed-rate and variable-rate subordinate lien debt, which was dropped to Baal from A.

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