LOS ANGELES - Standard & Poor's Corp. cut its ratings to B on about $56 million of bonds issued by three Arizona irrigation districts, and warned that the ratings could go lower if bankruptcy actions are pursued.

The downgrades reflect continued financial stress at the districts, whose woes have attracted attention from various levels of government. To date, however, no comprehensive restructuring plan exists to ensure the districts' long-term viability, Standard & Poor's noted in a release.

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