LOS ANGELES — Moody's Investors Service downgraded Lake Elsinore Unified School District, Calif.'s issuer rating two notches to A2 from Aa3 Oct. 25 affecting $31.5 million in debt.

The rating agency also lowered the rating on its certificates of participation to Baa1 from A1 for the Riverside County school district that serves 22,000 students, Moody's analysts said.

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