Akron Bath & Copley Joint Township Hospital District, Ohio, hospital improvement revenue bonds, Series 1989 (Childrens Hospital Medical Center of Akron) 10,000 AAA A-plus S&P The Bond Buyer was unable to obtain an explanation for the upgrade.
Albany County Industrial Development Agency, N.Y., industrial development revenue bonds, Series A&B (Spectrapark Associates) 10,500 A A-plus S&P The bonds are backed by a letter of credit from PNC Bank, which was downgraded.
Allegheny County Industrial Development Agency, Pa., custom purchase environmental improvement refunding revenue bonds, Series 1985 & 1986 (U.S. Steel Corp.) 88,400 AA/A-1+ AA+/A-1+ S&P The bonds are backed by a letter of credit from Norinchukin Bank, which was downgraded.
Athens, Ala., electrical revenue bonds, Series 1990 & 1991 29,045 A A-minus S&P The upgrade is based on strong finances, an average business position, and manageable capital requirements.
Aurora, Colo., refunded single-family mortgage revenue bonds, Series 1984A 13,975 AAA CCC S&P The Bond Buyer was unable to obtain an explanation for the upgrade.
Beaver County Industrial Development Authority, Pa., pollution control revenue bonds, Series 1972 & 1977 (St. Joe Minerals Corp.) 43,600 A-plus A S&P The bonds' corporate guarantor, Fluor Corp., was upgraded.
Bernards Township, N.J., general obligation bonds 11,877 AA AA-minus S&P The upgrade reflects continued strong financial and economic performance.
Bernards Township Sewerage Authority, N.J., sewer refunding revenue bonds 15,500 AA/A-1 AA-/A-1 S&P The upgrade reflects continued strong financial and economic performance.
Bernards Township Sewerage Authority, N.J., sewer refunding revenue bonds 2,215 AA AA-minus S&P The upgrade reflects continued strong financial and economic performance.
Burbank Public Service Department, Calif., electric & water revenue bonds, various series 49,936 A-plus AA-minus S&P The downgrade is based on the system's high energy costs and industrial customer concentration.
Dauphin County General Authority, Pa., general obligation bonds, Series 1993 (Lebanon Valley College) 12,090 BBB BBB-plus S&P The downgrade reflects rising tuition dependence, growing financial aid budget, stagnant endowment, and declining liquidity relative to budget.
Denver, Colo., taxable airport system revenue bonds, Series 1992E 30,000 A+/A-1 AA-/A-1+ S&P The Bond Buyer was unable to obtain an explanation of the downgrade.
Fresno & Clovis Unified School Districts, Calif., revenue bonds (Central Valley School District Finance Corp.) 11,016 A BBB- plus S&P The downgrade is based on the the refunding of Fresno Uniform School District's obligation under the Lease Agreement. Rating based on the creditworthiness of Clovis Uniform School District.
Gary, Ind., custom purchase environmental improvement refunding revenue bonds, Series 1986 (U.S. Steel Corp.) 37,000 AA/A-1+ AA+/A-1+ S&P The bonds are backed by a letter of credit from Norinchukin Bank, which was downgraded.
Grand Prairie Housing Finance Authority, Tex., single-family mortgage revenue bonds 9,382 A-minus BBB-minus S&P The upgrade reflects an increase in the asset-to-liability ratio and a decline in the historically high 60-day-plus delinquency rate.
Hamilton County, Ohio, FHA-insured mortgage revenue bonds, Series 1989A (Judson Care Center) 7,011 AA-minus A-plus S&P The bonds are backed by an investment agreement with Citibank, which was upgraded.
Illinois Development Finance Authority, solid waste disposal revenue bonds (Horsehead Resource Development Co.) 11,000 BBB+/A-2 A/A- 2 S&P The bonds are backed by a letter of credit from Long-Term Credit Bank of Japan Ltd., which was downgraded.
Ingham County, Mich., hospital revenue bonds, Series 1978 (Lansing General Hospital, now Michigan Capital Center) 12,390 BBB BBB- plus S&P The downgrade is based on declining volume and a weakened capital structure.
Los Angeles County, variable-rate multifamily revenue bonds, Series 1983C & 1984B 25,000 AA/A-1+ A+/A-1 S&P The bonds are backed in part by a letter of credit from Citibank, which was upgraded.
Madison County, Tenn., hospital revenue bonds (Jackson-Madison County General Hospital) 73,000 A-plus A S&P The upgrade reflects better-than-expected profitability from Tennessee's new TennCare program.
Massachusetts Health & Educational Facility Authority, revenue bonds (Bentley College) 1,235 A-minus A S&P The downgrade is based on declining enrollment and softening demand trends.
Los Angeles County, variable-rate multifamily revenue bonds, Series 1983C & 1984B 25,000 AA/A-1+ A+/A-1 S&P The bonds are backed in part by a letter of credit from Citibank, which was upgraded.
Madison County, Tenn., hospital revenue bonds (Jackson-Madison County General Hospital) 73,000 A-plus A S&P The upgrade reflects better-than-expected profitability from Tennessee's new TennCare program.
Massachusetts Health & Educational Facility Authority, revenue bonds (Bentley College) 1,235 A-minus A S&P The downgrade is based on declining enrollment and softening demand trends.
Massachusetts Health & Educational Facility Authority, variable-rate bonds (Boston University) 69,000 AAA/A-1+ A/A-1 S&P The bonds have a letter of credit from Landesbank Hessen-Thueringen Girozentrale, Germany, which replaces one from First National Bank of Chicago.
Mecklenberg County Industrial Facilities & Pollution Control Financing Authority, N.C., industrial revenue refunding bonds (Fluor Corp.) 4,300 A-plus A S&P The bonds' corporate beneficiary, Fluor Corp., was upgraded.
Michigan State Hospital Finance Authority, hospital revenue bonds, Series 1978 (Lansing General Hospital, now Michigan Capital Center) n.a. BBB BBB-plus S&P The downgrade is based on declining volume and a weakened capital structure.
Minnesota Housing Finance Agency, housing revenue bonds, various series 626,878 AA A-plus S&P The upgrade reflects the general obligation of MHFA (rated AA).
Missouri State Environmental Improvement Authority, pollution control revenue bonds, Series 1973 (St. Joe Minerals Corp.) 7,000 A-plus A S&P The bonds' corporate guarantor, Fluor Corp., was upgraded.
Montgomery-Conifers Housing Development Corp., Ohio, FHA-insured mortgage revenue bonds, Series 1986 4,275 AA-minus A-plus S&P The bonds are backed by an investment agreement from Citibank, which was upgraded.
Municipal Electrical Authority of Georgia, electrical system revenue bonds (Project No. 1) 99,039 A-minus A S&P The downgrade reflects pressure on participants to maintain competitive retail sales and lack of solution to problems involving excess baseload capacity.
Nashville & Davidson County Metropolitan Government Industrial Development Board, Tenn., multifamily mortgage revenue refunding bonds (Valley Forge Apts) n.a. A-plus A S&P The bonds are backed by an investment agreement from Citibank, which was upgraded.
New Haven Unified School District, Calif., general obligation bonds 3,071 A-minus BBB-plus S&P The upgrade is based on good performance and favorable agreements.
New Haven Unified School District, Calif., refunding general obligation bonds, Series 1993 27,895 A A-minus S&P The upgrade reflects unlimited tax general obligation to A-plus from A.
New Jersey Educational Facility Authority, student revenue bonds, Series A (Rider College) 2,585 BBB A-minus S&P The downgrade results from declining enrollment, increasing tuition dependence, ongoing operation deficits, and eroding liquidity.
New Jersey Health Care Facilities Financing Authority, revenue refunding bonds, Series 1988C n.a. A A-minus S&P The upgrade reflects a strong market position, improved financial performance, and strong liquidity.
New York City, adjustable-rate general obligation bonds, various series 75,300 AA/A-1+ AA+/A-1+ S&P The bonds are backed by an investment agreement from Norinchukin Bank, which was downgraded.
Panhandle Regional Housing Finance Corp., Tex., single-family mortgage revenue bonds 1,960 A BBB S&P The upgrade reflects a high asset-to-liability ratio of 126.5% and an investment agreement with Citibank, which is rated AA-minus.
Pinellas County Housing Finance Authority, Fla., single-family mortgage revenue bonds, Series 1983 12,077 BB BBB-minus S&P The downgrade reflects a decreasing asset-to-liability position because of high delinquency rates.
Riverside, Calif., taxable electric revenue bonds (Riverside Electrical Systems) 280,200 A-plus AA-minus S&P The downgrade results from the system's high energy costs and below-average business position.
University of Vermont & State Agricultural College, revenue bonds, various series 26,270 A-plus AA-minus S&P The downgrade reflects weakened demand trends, limited admissions flexibility, low levels of unrestricted monies, lackluster state appropriations, and unsually high tuition charges.
Walworth County, Wis., general obligation bonds 24,520 A1 A Moody's The upgrade reflects a significant restoration of liquidity, an expanding tax base, and moderate wealth levels ===
