FINANCE
From Times Staff and Wire Reports
Moody’s Downgrades Some New York Debt: Moody’s Investors Service Inc. said it was downgrading a large portion of New York state’s debt and may also downgrade the state’s A-rated general obligation bonds. Moody’s, a major bond rating agency, cited the state’s failure to close a budget gap and the limited options for balancing the budget. Moody’s cut to Baa-1 from A the ratings on about two-thirds of New York’s appropriations-backed debt.
