Moody's Investors Service said it has downgraded the rating of San Bernardino County, Calif.'s pension obligation bonds to A1 from Aa3.

Concurrently, Moody's has affirmed the county's Aa2 issuer rating and A1 ratings on its lease obligations. The county's stable outlook has also been affirmed. Approximately $964 billion in debt has been affected by this rating action.

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