Moody's Investors Service has upgraded 10, downgraded 7, and affirmed 9 long-term ratings of letter of credit (LOC)-backed U.S. municipal obligations. Additionally, Moody's has placed one long-term rating under review for downgrade. Debt affected by these rating actions totals $1.7 billion. Moody's has taken these rating actions in connection with its on-going surveillance of the 754 letter of credit-backed transactions rated based on a joint default analysis (JDA) which have an aggregate face amount of $45.33 billion. None of the bonds' short-term ratings were affected.

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