Moody's Investors Service said it has downgraded to Ca from Caa3 the rating on Jefferson County, Ala., $3.14 billion in outstanding sewer revenue warrants; the outlook remains negative.

The warrants are secured solely by revenues of the sewer system available after paying the sewer system's operating and maintenance expenses. The county has filed for bankruptcy protection and has been in default on certain sewer warrants since 2008.

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