DALLAS -- Standard & Poor's Corp. on Friday downgraded Houston's general obligation rating one notch to AA-minus as the city prepares today to sell $448.4 million of refunding bonds to help balance its fiscal 1993 budget.

However, the action is not expected to delay today's pricing of the deal, senior managed by a Goldman, Sachs & Co.-led syndicate, according to an underwriter at the firm.

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