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Texas' general obligation bond rating was lowered.

March 11, 1987

Moody's Investors Service has lowered its credit rating on the state's general obligation bonds from Aaa to Aa, the first time it has fallen below the top rating in 25 years, the company said. Moody's cited the state's troubled economy for its action. Moody's said Texas has enjoyed a Aaa bond rating since 1962. The Aa rating is the firm's second-highest category, and only 11 states currently have been assigned the Aaa rating, Moody's said.

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