US - Moody's Investors Services has downgraded the long-term credit ratings of the California Public Employees' Retirement System (CalPERS) and the California State Teachers' Retirement System (CalSTRS) citing severe losses in assets.
Moody's downgraded the pension funds' credit ratings yesterday to Aa3 from Aaa. Moody's senior credit officer Martin Duffy said: "Today's rating action reflects our expectation that the cumulati...
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