Moody's Investors Service said it has downgraded the rating on Orange County, Calif.'s 2012 pension obligation bonds from Aa2 to Aa3.

Moody's has also assigned an Aa3 rating to the county's sale of taxable pension obligation bonds Series 2013A. The rating on the county's 1996A and 1997A POBS has been confirmed at Aa1. The county's Aa1 issuer rating and other long term ratings have been affirmed.

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