Dollar amounts represent the amount of bonds outstanding in the issue.
ISSUER AMOUNT CHANGE
BOND ($000S) TO FROM NAME COMMENTS
Amery School District, Wis., general obligation bonds 15,500 A2 A3 Moody District's favorable location, robust tax base growth, satisfactory financial position, moderate debt levels.
Arizona Health Facilities Authority, revenue bonds (Catholic Healthcare West) 98,250 A-minus BBB-plus S&P Four years of consistently improving operating results, solid coverage of maximum annual debt service, considerable geographic and financial risk dispersion, sophisticated management team.
Building Equity Sooner for Tomorrow, S.C., installment purchase revenue bonds (Greenville County School District) 962,160 Aa3 A1 Moody Upgrade of Greenville County School District's GO rating to 'Aa2.'
California Health Facilities Financing Authority, revenue bonds(Catholic Healthcare West) 1,002,900 A-minus BBB-plus S&P Four years of consistently improving operating results, solid coverage of maximum annual debt service, considerable geographic and financial risk dispersion, sophisticated management team.
California Statewide Communities Development Authority, revenue bonds (Catholic Healthcare West) 130,590 A-minus BBB-plus S&P Four years of consistently improving operating results, solid coverage of maximum annual debt service, considerable geographic and financial risk dispersion, sophisticated management team.
Circle Pine (City), Minn., general obligation bonds 8,000 A2 A3 Moody Small but steadily growing and affluent tax base, historically stable financial operations, ample reserve levels, average level of slowly retired debt.
Connecticut Health & Educational Facilities Authority, revenuebonds, Series 2000 A (Eastern Connecticut Health Network) 51,826 BBB BBB-plus S&P Overall decline in utilization, multiple years of poor system performance, moderate cash position with need for significant capital spending on horizon.
Dawson County School District, Ga., general obligation bonds 8,905 AA-plus AA S&P Change in rating criteria that puts bonds backed by qualifying state aid intercept or withholding programs one notch below state's general obligation rating.
Fort Bend County Levee Improvement District No. 14, Tex., general 3,100 BBB-plus BBB S&P Steady property tax base growth, leading to substantial decline in obligation bonds tax rate and moderating debt burden.
Haverhill (City), Mass., general obligation bonds 82,200 Baa2 Baa3 Moody Improved financial condition, impressive tax base growth, two years of payments on notes issued to resolve historical deficit associated with city's Hale Hospital.
Henderson, Nev., revenue bonds (Catholic Healthcare West) 246,800 A-minus BBB-plus S&P Four years of consistently improving operating results, solid cove rage of maximum annual debt service, considerable geographic and financial risk dispersion, sophisticated management team.
Independence School District No. 30, Mo., general obligation bonds 123,000 A2 A3 Moody Stable economic base, continued tax base growth expected, sound financial position, conservative fiscal management.
Maricopa County Industrial Development Authority, Ariz., revenue bonds (Catholic Healthcare West) 406,255 A-minus BBB-plus S&P Four years of consistently improving operating results, solid cove rage of maximum annual debt service, considerable geographic and financial risk dispersion, sophisticated management team.
McAllen (City), Tex., water & sewer system revenue bonds 39,885 AA-minus A-plus S&P System's ability to fund capital needs with pay-as-you-go financing, modest debt levels, continued financial strength.
Medford (City), Mass., general obligation bonds 58,517 A-plus AA-minus S&P Weakened financial position following three years of poor operating results and $4 million drawdown of reserves.
Mount Clemens Community School District, Mich., general obligation bonds 60,100 A2 A3 Moody Satisfactory financial operations, prudent financial management, manageable debt levels, mature tax base.
New York City Trust for Cultural Resources, revenue bonds, Series 2003 (Alvin Ailey Dance Foundation) 20,000 Baa2 Baa3 Moody Completion of major expansion project without significant delays or cost overruns, continued balance sheet improvement through fundraising, positive operating performance.
North Brunswick Township Board of Education, N.J., general obligation bonds 21,600 A1 Aa3 Moody Reduction in financial flexibility following 15% reduction in General Fund balance and 47% drop in undesignated and unreserved General Fund balance since peak in FY 2001.
Palmyra Borough Board of Education, N.J., general obligation bonds, Series 2000 (New Jersey Fund for Free Support of Public Schools) 2,800 AA-minus AA S&P Downgrade of state general obligation rating.
Pittsburgh Urban Redevelopment Authority, Pa., taxable economic redevelopment bonds (North Shore Tax Increment Financing District Alcoa Project) 8,185 A-minus A S&P Downgrade of corporate beneficiary Alcoa.
Princeton Independent School District No. 477, Minn., general obligation bonds 8,300 A2 A3 Moody Rapidly expanding tax base, strong enrollment growth expected in medium term, stable financial position, modest debt levels.
Reeves County, Tex., lease-rental certificates of participation 53,785 BBB-minus BB S&P Improved coverage levels that should result from county's debt service restructuring.
Rockwall Independent School District, Tex., general obligation bonds 186,900 A2 A3 Moody Sizable tax base poised to experience growth over medium term, manageable debt ratios, significantly improved financial operations.
Sarasota County, Fla., general obligation unlimited tax bonds 4,800 Aa1 Aa2 Moody Sound financial performance, low debt, above-average socioeconomic factors, resilient economy.
Sarasota County, Fla., general obligation limited tax bonds 40,100 Aa2 Aa3 Moody Sound financial performance, low debt, above-average socioeconomic factors, resilient economy.
Tornillo Independent School District, Tex., general obligation bonds 5,500 Baa3 Ba1 Moody Significant amount of state aid provided to district.
Vernon Township School District, N.J., general obligation bonds 6,600 A3 Baa1 Moody Solid growth in moderately sized tax base, increased General Fund balances.
Webb County, Tex., general obligation bonds 55,400 A2 A3 Moody Sizable and diverse tax base with ongoing economic development,low debt burdens, stabilized healthy reserves.
Westchester County Health Care Corp., N.Y., senior-lien bonds 113,240 B BB S&P Corporation's inability to measurably close operating gap through management actions, resulting in growing realization that it will not be able to survive without direct government subsidies.
Whittier Union High School District, Calif., general obligation bonds 66,110 A-plus A S&P Expanding tax base, good financial management.
Dollar amounts represent the amount of bonds outstanding in the issue. Rating changes that result from the purchase of letters of credit or bond insurance for issues in the secondary market are not included.
