SOUTH PADRE ISLAND, Tex. -- Wall Street analysts yesterday said the turnaround in the Texas economy is being reflected in ratings this year as the number of downgrades again equals that of upgrades.

Chris Evangel, assistant vice president at Moody's Investors Service, told a gathering here of the Government Finance Officers Association of Texas that after downgrades peaked in 1987, they have declined while upgrades of credits have remained stable.

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