Moody's Investors Service downgraded Sacramento County's pension obligation bonds to Baa1 from A3.   The move is part of the rating firm's systematic review of California POBs and its relationship to general obligation bond ratings. It has downgraded several ratings as a result.

"We believe this pledge is relatively less secure than our prior estimates, both in terms of probability of default and likely losses in the event of default," Moody' said in a report late last week.

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