CHICAGO — With tobacco consumption continuing to decline, Fitch Ratings last week downgraded $9 billion of tobacco bonds issued by Ohio and California after the two states were forced to draw on reserves to make their Dec. 1 payments.

Fitch dropped five series of Golden State bonds to BB-minus from BB. The nine series of downgraded Buckeye tobacco bonds now have ratings that are B, B-plus or BB, depending largely on the maturity. All have negative outlooks.

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