BRADENTON, Fla. - Citing a precipitous drop in revenues brought on by a protracted and deep dislocation in Florida's real estate market and the recession, Moody's Investors Service has become the first rating agency to place the state's ratings on watch for possible downgrade.

Moody's action was announced as the state yesterday was to start taking bids for $200 million of Board of Education public education capital outlay bonds, which are backed by the state's full faith and credit.

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