Moody's Investor Service has downgraded the city of Fresno's issuer rating to Baa1 from A3. Various bonds have been downgraded to Ba2 or Ba3. The outlook on the city's long-term ratings has been revised to stable from negative.
Moody's said Fresno's economy is weak. It said there are bright spots such as a fully-funded retirement system.
Fresno's credit ratings have taken a beating for several years. Lower credit ratings could mean higher borrowing costs. City officials have said they have no plans to borrow.
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