Moody's Investors Service affirmed Santa Barbara, Calif.'s Aa2 issuer rating, but downgraded to A1 from Aa3 the ratings for the city's 2002 certificates of participation and its 2009 airport revenue bonds. The ratings changes affect $49 million in debt.

The one-notch downgrade of the 2002 COPs and the 2009 airport revenue bonds reflected the change in the rating agency's opinion of the relative security of lease-backed obligations compared to a California city's general obligation pledge.

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