Moody's Investors Service said it has downgraded to Aa3 from Aa2 the rating of the San Bernardino County Flood Control District, Calif.'s judgment obligation bonds, Series 2008 (bank bonds); judgment obligation bonds, Series 2008 (LOC); judgment obligation bonds, Series 2007A; and refunding bonds, Series 2007.

The district's rating outlook is stable. Approximately $108.2 million in debt has been affected by this rating action.

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