CHICAGO - Moody's Investors Service yesterday downgraded the Chicago Transit Authority's $1.9 billion of debt from its 2008 pension-related issue one notch to A1, citing the compounding strains of faltering sales and real estate transaction taxes along with Illinois' liquidity problems.

The action follows Moody's decision in June to downgrade the state's Regional Transportation Authority $2 billion of debt to Aa3 from Aa2.

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