SAN FRANCISCO — Moody’s Investors Service hit 54 California local credits with either downgrades or by placing them on review for downgrade, citing the economic strains in the state.

Moody’s, acting late on Monday, put the general obligation bond or issuer rating of nine cities on review for possible downgrade, placed the lease-backed obligations of 27 cities on review for possible downgrade, and downgraded nine pension obligation bond issues or similar financings.

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