SAN FRANCISCO — While California’s political leaders continued negotiating without finding a solution to the current budget deficit, Standard & Poor’s yesterday downgraded the bonds the state issued to close its last major budget deficit.

The rating agency dropped its underlying rating for the state’s economic recovery bonds to A from A-plus, and placed them on watch for downgrade. The action brings its ratings on the economic recovery bonds down to the same level as the state’s general obligation bonds.

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