Moody's Investors Service said it has downgraded the issuer rating of the city of Torrance, Calif., to Aa2 from Aa1 and has downgraded to A1 from Aa3 the ratings of four series of lease supported obligations, including refunding certificates of participation (police and fire station), Series 1998; certificates of participation (refinancing and public improvement project), Series 2004A and 2004B; and certificates of participation, Series 2009.

Approximately $62.2 million of debt is affected by this rating action. The outlook on these ratings is stable.

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