Moody's Investors Service said it has downgraded the issuer rating of the city of Torrance, Calif., to Aa2 from Aa1 and has downgraded to A1 from Aa3 the ratings of four series of lease supported obligations.
Moody's Downgrades Torrance, Calif., Issuer Rating to Aa2
DEC 12, 2012 10:55am ET
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Land isn't the only thing drying up in California, as the drought's economic impacts are dangerously closing in on the state's financial resources.
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