SAN FRANCISCO - Moody's Investors Service on Friday placed on review for downgrade the credit enhancement policies of California's two state pension systems, as well as California State University bonds, while affirming the University of California's credit rating.

Under review for downgrade are the Aaa long-term issuer ratings of the California Public Employees Retirement System and the California State Teachers' Retirement System. The ratings were issued in connection with each system's municipal credit enhancement program. Moody's affirmed both programs' Prime-1 short-term ratings.

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