SAN FRANCISCO — Moody’s Investors Service downgraded the long-term underlying rating on the California Housing Finance Agency’s home mortgage revenue bonds to Baa1 from A3, affecting $5.7 billion of outstanding debt.

The rating agency said the drop is mainly a result of the downgrade to Ba1 last month of Genworth Mortgage Insurance Corp., which has reinsured more than 40% of CalHFA’s single-family mortgage loans that are pledged as repayment for the revenue bonds.

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