CHICAGO - Moody's Investors Service this week cut the underlying ratings on roughly $110 million of taxable military housing revenue bonds issued for a Nebraska Air Force base - primarily to reflect the downgrade of the bond insurer that guarantees the issue's debt service reserve.

Moody's downgraded to A2 from Aa3 roughly $110 million of taxable housing revenue bonds that were issued in 2005 by Nebraska-based Offutt AFB America First Communities LLC. At the same time, Moody's affirmed the A3 rating on about $27 million of class II bonds sold as a second series in the same issue. Standard & Poor's rates the class I bonds AA, and its class II bonds AA-minus.

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