U.S. municipal credit conditions remained depressed in the second quarter of 2009, reflecting a weakening that began in the third quarter of 2008 when the effects of the national recession began putting downward pressure on all public finance sectors, Moody’s Investors Service says in a report.

The ratio of municipal scale upgrades to downgrades remained at 0.7 to 1, the same level experienced as in the first quarter.

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