After downgrading California’s general obligation bond rating to A from A-plus Tuesday, Standard & Poor’s followed suit Wednesday by dropping its underlying rating on state lease revenue bonds to A-minus from A.

The action affects about $7.6 billion of outstanding lease revenue bonds, both new money and refunding, issued by the California State Public Works Board and various other state-related entities. The credits had previously been on negative watch; their new outlook is stable.

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