demand revenue bonds, Series 1994A (Scientific Technology Inc.) 5,000 A+/A1 AA/A1+ S&P The bonds are backed by a letter of credit from Banque Nationale de Paris, which was downgraded.
Berkeley, Calif., revenue bonds, Series 1993 (Berkeley YMCA project) 10,755 A-plus AA-minus S&P The bonds are backed by a letter of credit from Banque Nationale de Paris, which was downgraded.
California Pollution Control Finance Authority, variable-rate demand pollution control refunding revenue bonds, Series 1988F (Pacific Gas & Electric Co.) 100,000 A+/A1 AA/A1 S&P The bonds are backed by a letter of credit from Banque Nationale de Paris, which was downgraded.
Clark County, Nev., general obligation bonds n.a. Aa A1 Moody's The upgrade reflects large financial margins and a high degree of financial flexibility, a viable hotel/casino industry, and continued tax base expansion.
Colorado Housing Finance Authority, multifamily housing revenue refunding bonds, Series 1993A (Winridge) 12,715 AA/A1+ AAA/A1+ S&P The General Electric Credit Corp. letter of credit backing the bonds was replaced with one from Trust Company Bank.
Colorado Regional Transportation District, weekly adjustable/fixed-rate special passenger fare revenue bonds, Series 1989A 15,000 A+/A1 AA/A1+ S&P The bonds are backed by a letter of credit from Banque Nationale de Paris, which was downgraded.
Dallas County Housing Finance Corp., Tex., single-family mortgage revenue bonds, Series 1984 51,400 A-plus A S&P The upgrade reflects the investment agreement provided by Chemical Bank and a strong asset-to-liability ratio.
Foothill/Eastern Transportation Corridor Agency, Calif., variable-rate toll road revenue bonds, Series 1995E 29,400 A+/A1 AA/A1 S&P The bonds are backed by a letter of credit from Banque Nationale de Paris, which was downgraded.
Forsyth, Mont., floating-rate monthly demand industrial revenue bonds, Series 1983C (Portland General Electric Co./Colstrip) 20,000 A+/A1 AA/A1+ S&P The bonds are backed by a letter of credit from Banque Nationale de Paris, which was downgraded.
Greenwood-LeFlore Housing Development Corp., Miss., FHA-insured mortgage revenue bonds, Series 1990D (Ivory Lane Apts) n.a. AA- minus A-plus S&P The bonds are backed by a letter of credit from Citibank, which was upgraded.
Hillsborough Public Improvement Corp., Calif., water and sewer system bonds, Series 1995A 5,000 A+/A1 AA/A1 S&P The bonds are backed by a letter of credit from Banque Nationale de Paris, which was downgraded.
Kansas City Industrial Development Authority, Mo., variable-rate demand multifamily housing revenue bonds, Series 1985 (Locarno Apts) 9,000 AA/A1+ A+/A1 S&P The bonds are backed by a letter of credit from Citibank, which was upgraded.
Kansas Development Finance Authority, water pollution control revolving fund revenue bonds, 1995 Series I (State Match Bonds) and Leveraged Bond Series 78,045 Aa1 Aa Moody's The upgrade reflects a pledged loan pool dominated by highly rated obligations, satisfactory debt service coverage, and strong security provisions.
Kentucky Development Finance Authority, revenue bonds, Series 1987 (Ashland Hospital Corp. dba Kings Daughters Medical Center) 46,786 A A-minus S&P The upgrade is due to increased utilization, profitability, and cash levels.
Lee County, Iowa urban renewal bonds, Series 1994 (Keokuk waste treatment and floodwater project) 10,270 A-plus AA-minus S&P The bonds are backed by a letter of credit from Banque Nationale de Paris, which was downgraded.
Malvern, Pa., general obligation bonds 1,400 A Baa1 Moody's The upgrade results from high wealth indexes, well-managed financial operations, and lower debt levels.
Michigan, general obligation bonds 382,239 Aa A1 Moody's The upgrade reflects traditionally low debt levels, a demonstrated willingness to maintain structural budget balance, and an improved economy.
Michigan State Building Authority, lease rental revenue bonds 1,508,000 A1 A Moody's The upgrade reflects the state's traditionally low debt levels, demonstrated willingness to maintain structural budget balance, and improved economy.
Michigan State Qualified Bond Loan Fund, general obligation bonds 4,082,000 Aa A1 Moody's The upgrade reflects the state's traditionally low debt levels, demonstrated willingness to maintain structural budget balance, and improved economy.
Nebraska Investment Finance Authority, floating-rate monthly demand multifammily loan revenue bonds, Series 1985A (Apple Creek Associates) 11,100 AA/A1+ A+/A1 S&P The Citibank letter of credit backing the bonds was replaced with one from Commerzbank AG.
New York City Housing Development Corp., multifamily mortgage revenue bonds, Series 1994A (James Tower Development) 28,000 AA/A1+ A+/A1 S&P The bonds are backed by a letter of credit from Citibank, which was upgraded.
Newport-Mesa Unified School District, Calif., certificates of participation, Series 1994 n.a. A B S&P The district has received sufficient Orange County Investment Pool distributions to allow for repayment of all short-term debt, thus allowing for more stable operations.
Oakland, Calif., weekly adjustable/fixed-rate health facility revenue bonds, Series 1988A (Childrens Hospital Medical Center of Northern California) 30,000 A+/A1 AA/A1 S&P The bonds are backed by a letter of credit from Banque Nationale de Paris, which was downgraded.
Onandaga County Industrial Development Agency, N.Y., floating-rate monthly demand industrial development revenue bonds, Series 1985 and 1985B (Pass & Seymour Inc.) 7,400 A+/A1 AA/A1 S&P The bonds are backed by a letter of credit from Banque Nationale de Paris, which was downgraded.
Orange County, Calif., tax and revenue anticipation notes due 7/19/95 169,000 D SP-3 S&P The notes are in default.
Palm Springs Community Redevelopment Agency, Calif., variable-rate demand certificates of participation, Series 84F (Headquarters Hotel Project No. 9) 5,556 AA/A1+ A+/A1 S&P The bonds are backed by a letter of credit from Citibank, which was upgraded.
Phoenix Industrial Development Authority, Ariz., multifamily housing refunding revenue bonds, Series 1989 (Paradise Shadows Phoenix) 7,300 AA/A1+ A+/A1 S&P The bonds are backed by a letter of credit from Citibank, which was upgraded.
Pinal County Industrial Development Authority, Ariz., pollution control refunding revenue bonds, Series 1992 (Magma Copper Co.) 14,000 A+/A1 AA/A1 S&P The bonds are backed by a letter of credit from Banque Nationale de Paris, which was downgraded.
Rhode Island Health & Educational Building Corp., higher education revenue bonds (Brown University) 113,130 Aa1 Aa Moody's The upgrade is based on a superior market position, low debt levels, growing endowment, and well-maintained financial operations.
St. Clair Industrial Development Board, Ala., variable-rate industrial revenue bonds, Series 1985 (National Cement Co.) 8,500 A+/A1 AA/A1 S&P The bonds are backed by a letter of credit from Banque Nationale de Paris, which was downgraded.
Salix, Iowa, pollution control refunding revenue bonds, Series 1992 (Northwestern Public Service Co.) 4,000 A-minus A S&P The bonds' corporate beneficiary, Northwestern Public Service Co., was downgraded.
San Francisco Housing Authority, Calif., variable-rate demand multifamily housing revenue bonds, Series 1985D (737 Post project) 27,000 A+/A1 AA/A1+ S&P The bonds are backed by a letter of credit from Banque Nationale de Paris, which was downgraded.
San Marcos, Tex., general obligation bonds 11,585 A-plus A S&P The upgrade is based on growing diversification of the local economic base.
South Tucson Municipal Property Corp., Ariz., revenue bonds, Series 1990 n.a. BB BBB-minus S&P The city consistently has shown an unwillingness to make timely sinking fund payments for the bonds.
Texas Department of Housing & Community Affairs, multifamily housing revenue refunding bonds, Series 1993A (High Point III) and 1993B (Remington Hill) 26,370 AA/A1+ AAA/A1+ S&P The General Electric Credit Corp. letter of credit backing the bonds was replaced with one from Trust Company Bank.
Triunfo San District, Calif., refunding certificates of participation, Series 1994 9,200 A+/A1 AA/A1+ S&P The bonds are backed by a letter of credit from Banque Nationale de Paris, which was downgraded.
Vista Industrial Development Authority, Calif., variable-rate demand industrial revenue bonds, Series 1992A (Stetman & Morris Properties) 4,145 A/A1 AA/A1+ S&P The NBD Bank letter of credit backing the bonds was replaced with one from Wells Fargo Bank
