Moody's Investors Service said it has downgraded Chelan County Public Utility District No. 1, Wash., to Aa3 from Aa2 on its Consolidated System, Chelan Hydro Consolidated, Rock Island, and Rocky Reach revenue bonds.

Consolidated System Subordinate notes, which are the most junior debt at Chelan PUD, have been downgraded to A1 from Aa3. The rating outlook has been revised to stable from negative.

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