BOSTON - A day after Orange County, Calif., declared municipal bankruptcy, Standard & Poor's Corp. and Moody's Investors Service acted on the county's ratings.

Moody's suspended the ratings on all f the uninsured, unenhanced debt obligations of the county, while Standard & Poor's downgraded the issues to a speculative grade CCC from AA-minus. The rating changes cover about $1.6 billion in outstanding debt.

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