SAN FRANCISCO — Moody’s Investors Service downgraded the San Pablo Redevelopment Agency’s Tenth Township Project Area tax-allocation bonds to Baa2 from Baa1, citing a sharp decline in property tax revenue and high exposure to variable-rate debt.

The rating change affects $6.5 million of fixed-rate bonds sold in 1999. Moody’s affirmed its Baa2 rating on the SPRA’s 2001 tax-allocation revenue bonds, which are secured by taxes from the Tenth Township Project Area and the Legacy Project Area. The agency has about $88.5 million of municipal bonds outstanding.

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