LOS ANGELES — Moody's Investors Service downgraded the general obligation bonds of a Pico Rivera, Calif. school district to A2 from A1 and gave the district a negative outlook affecting $69 million in debt.

The downgrade of El Rancho Unified School District's bonds resulted from the Los Angeles area district's extremely limited and downward trending general fund balance brought on by four consecutive operational deficits, Moody's analysts said.

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