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By Compiled From Wire Service Dispatches With Analysis From Monitor Correspondents Around The World; Edited By Anne Collier

January 24, 1983

Standard & Poor's, the influential financial rating service, downgraded its classification of bonds issued by the state of California. ''The downgrading reflects the state's present financial difficulties, recession-induced revenue shortfalls, and recurring cash shortages requiring large external borrowings,'' the agency said.