The Buffalo, N.Y., Municipal Water Finance Authority was upgraded to A from BBB-plus yesterday by Standard & Poor’s. The agency also assigned its A-1-plus short-term rating to the authority’s Series 2008A refunding bonds that priced yesterday and will close today.

The refunding will refinance the MWFA’s $63 million of auction-rate securities as variable-rate demand bonds. The ARS were issued in 2005.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.