SAN FRANCISCO — Moody’s Investors Service downgraded California Housing Finance Agency home mortgage revenue bonds for the second time this year, affecting $5 billion of debt amid the frail state housing market.

Moody’s cut the long-term underlying rating on CalHFA’s home mortgage revenue bonds one notch to Baa2 and in a separate report dropped its issuer rating also one notch to A3. The outlook for both is negative.

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