SAN FRANCISCO — Moody’s Investors Service said Monday that California’s recently passed pension reform legislation is a positive for the state’s credit.

The rating agency cited the California Public Employee’s Retirement System’s initial estimate that the pension changes may save the state and its local governments between $12 billion and $15 billion on a present-value basis, or between $42 billion and $55 billion on a nominal basis, over the next 30 years.

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