SECURITIES

Moody’s Downgrades Canada Rating: Citing uncertainty over the outlook for government debt, Moody’s Investors Service cut the credit rating on the country’s government bond. The agency apparently unimpressed by Finance Minister Paul Martin’s promise of spending cuts in his Feb. 27 budget, stripped Canada of its coveted AAA rating, reducing it a notch to AA1. The agency also downgraded from AA1 to AA2 the small portion of Canada’s debt issued in foreign currencies. Moody’s warned in February that it was considering a downgrade, which could lead investors to demand higher interest rates.