BRADENTON, Fla. - Moody's Investors Service on Monday downgraded to speculative the short-term rating on $442 million of Atlanta's variable-rate demand sewer obligations due to the expiration of a standby purchase agreement from Dexia Credit Local.

The downgrade applied to $335.64 million of Series 2001B and $105.71 million of Series 2001C VRDOs, which were rated VMIG-1.

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