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Moody's Cuts Rating on Orange County California's Pension Bonds
Orange County Register 
Dec. 24, 2012
"Moody's Investors Service cut its rating on Orange County's pension obligation bonds by one notch ... Each January, the county sells 18-month bonds to investors, using the proceeds to prepay a year's worth of pension contributions to the Orange County Employee Retirement System. By prepaying, the county gets a 7.75 percent discount on what it pays OCERS ... Moody's said it believes pension bonds are less secure than prior estimates[.]"
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