NEW YORK - Moody's Investors Service said it has upgraded to Aaa from Aa1 the ratings assigned to $1.7 billion of outstanding Texas Workface Commission's unemployment compensation obligation revenue bonds, issued through the Texas Public Finance Authority (TPFA).

The bonds, secured by special assessments levied on all employers in the state, were issued in December 2010 to repay federal unemployment trust fund advances at a lower interest cost than the rate the federal government would have begun charging in 2011 and to add funds to the state's unemployment trust fund.

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