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March 13 (Bloomberg) — The credit rating of the University of California, the biggest U.S. system combining education, research and health care, was cut one level by Moody’s Investors Service on rising debt and reduced state support.

Moody’s lowered its rating to Aa2, third highest, and assigned the same grade to $950 million in revenue bonds scheduled to be sold April 3. The downgrade yesterday affects $18.5 billion in debt for the university system, which operates 10 campuses and five hospitals. The outlook is stable.

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