Moody's has downgraded to Caa3 various general fund-supported debt of the city of Stockton, California. We have downgraded the city's pension obligation debt to Caa3 from B3 and its lease revenue debt to Caa3 from Caa1. The outlook on these bonds is negative.

We have confirmed the rating on the city's water enterprise debt at Ba3, the city's sewer enterprise debt at Ba1 and two of the city's community facilities districts' special tax bonds at Baa2. The outlook on these bonds is developing.

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