Moody's Investors Service downgraded to A2 from Aa3 the long-term issuer rating for Azusa, Calif. Analysts also lowered the rating for the city's 2003 lease revenue refunding certificates of participation to Baa1 from A2. A negative outlook was assigned.

The downgrade is based primarily on the rapid deterioration in the city's financial profile and continued general fund structural imbalance.

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