New Jersey Health Care Facilities Financing Authority, revenue bonds, Series 1988C (Comnty Memorial Hospital of Toms River) 35,200 A A-minus S&P The upgrade is based on strong market position and improved financial performance.
North Texas Housing Finance Corp., single-family mortgage revenue bonds, Series 1984 3,617 BBB-minus BB S&P The upgrade reflects an asset to liability ratio of 108/9%, an investment agreement provided by BankOne Texas, and mortgage pool insurance provided by Verex Assurance.
Philadelphia Authority for Industrial Development, Pa., industrial development revenue bonds, Series 1983 (Hechinger Co.) 5,435 BB- minus BB-plus S&P The Bond Buyer was unable to obtain an explanation for the downgrade.
Prince William County Industrial Development Authority, Va., industrial development revenue bonds, Series 1983 (Hechinger Co.) 3,080 BB- minus BB-plus S&P The Bond Buyer was unable to obtain an explanation for the downgrade.
Rockingham County Industrial Development Authority, Va., higher education revenue bonds (Bridgewater College) 15,000 Baa Baa1 Moody's The downgrade is based on uncertainty regarding small enrollment, low tuition rate depleted by high financial aid, and adequate balance sheet resources.
Somerdale Borough, N.J., general obligation bonds 3,189 Baa Baa1 Moody's The downgrade reflects stagnating tax base, aging population, and adequate reserve levels.
Woodridge Village, Dupage and Will Counties, Ill., multifamily housing revenue refunding bonds, Series 1990 20,760 AAA/A-1 AAA/A-1+ S&P The upgrade reflects insurance provided by Financial Security Assurance.
Arizona Transportation Board, transportation excise tax revenue bonds, Series 1995A&B (Maricopa County Regional Area Road Fund) 634,998 Aa A1 Moody's The upgrade is based on improved capital planning, revenue benefits from stable economic base, and limited fiscal responsibilities.
Atlantic County Improvement Authority, N.J., pooled government loan program revenue bonds, Series 1986 17,900 A+/A-1 A/A-1 S&P The upgrade reflects the substitution of existing Marine Midland LOC with a Midland Bank PLC LOC.
Bayonne, N.J., general obligation bonds 33,091 Baa A Moody's The downgrade is based on weakened financial position, debt levels above the median, and the imminent closure of the U.S. Military Ocean Terminal, the city's largest employer.
Beaver County Industrial Development Authority, Pa., health refunding revenue bonds, Series 1990A 3,725 AA-minus AA S&P The downgrade is based on similiar downgrade to Societe Generale, which provided an investment agreement.
Bucks County Industrial Development Authority, Pa., industrial development revenue bonds, Series 1984 (Hechinger Co.) 3,765 BB- minus BB-plus S&P The Bond Buyer was unable to obtain an explanation for the downgrade.
Chesterfield County, Va., water and sewer revenue bonds, Series 1995 75,264 Aa A1 Moody's The upgrade is based on a strong service area, sound financial operations, and below average debt levels.
Colorado Springs, Colo., airport revenue bonds, Series 1992A&C 53,972 BBB-plus BBB S&P The upgrade reflects good financial performance and stable economic base.
Connecticut Health and Educational Facilities Authority, revenue bonds, Series A&F (Fairfield University) 11,300 BBB-plus A S&P The downgrade reflects diminished admissions flexibility, high tuition dependence, and low levels of unrestricted monies that have not grown as expenditures.
Dayton, Ohio, general obligation bonds 3,035 A-plus AA- minus S&P The downgrade is based on a similar lowering in the city's rating.
Gloucester, Mass., general obligation bonds 22,871 Baa1 Baa Moody's The upgrade reflects improved financial operations, manageable debt, and expanded economic developments to bolster tax base.
Howard County, Md., industrial revenue bonds, Series 1983 (Hechinger Co.) 3,000 BB-minus BB-plus S&P The Bond Buyer was unable to obtain an explanation for the downgrade.
Illinois Educational Facilities Authority, refunding revenue bonds, Series 1994 (Illinois Institute of Technology) 14,670 BBB-minus BBB S&P The rating change is based on upon enrollment and financial pressures that the university is facing and is expecting to continue through 1998.
Louisiana, refunding revenue bonds, Series 1991A 800,000 AAA/A- 1+ A+/A-1 S&P The bonds have a letter of credit from Credit Locale de France, which replaces one from Fuji Bank Ltd and Credit Locale de France.
Mount Olive Township, N.J., general obligation bonds 530 A1 A Moody's The upgrade is based on strong financial performance, diverse economic base, and above-average debt levels.
Nashville and Davidson County Metro Government Industrial Development Board, Tenn., multifamily refunding revenue bonds, Series 1989A (Valley Forge Apartments) 3,495 A-plus A S&P The upgrade reflects similar upgrade of Citicorp, which provides investment agreements covering debt service reserve and the float funds.
New Jersey Educational Facilities Authority, revenue bonds, Series 1985B (Drew University) 10,211 A-minus A S&P The downgrade is based on softened demand trends, five years of weak operating results, increased tuition dependence, and erosion in liquidity.
New Jersey Educational Facilities Authority, revenue bonds, Series 1992E (Drew University) 28,420 BBB-plus A-minus S&P The downgrade is based on softened demand trends, five years of weak operating results, increased tuition dependence, and erosion in liquidity.
New Jersey Health Care Facilities Financing Authority, revenue bonds, Series 1988C (Comnty Memorial Hospital of Toms River) 35,200 A A-minus S&P The upgrade is based on strong market position and improved financial performance.
North Texas Housing Finance Corp., single-family mortgage revenue bonds, Series 1984 3,617 BBB-minus BB S&P The upgrade reflects an asset to liability ratio of 108/9%, an investment agreement provided by BankOne Texas, and mortgage pool insurance provided by Verex Assurance.
Philadelphia Authority for Industrial Development, Pa., industrial development revenue bonds, Series 1983 (Hechinger Co.) 5,435 BB- minus BB-plus S&P The Bond Buyer was unable to obtain an explanation for the downgrade.
Prince William County Industrial Development Authority, Va., industrial development revenue bonds, Series 1983 (Hechinger Co.) 3,080 BB- minus BB-plus S&P The Bond Buyer was unable to obtain an explanation for the downgrade.
Rockingham County Industrial Development Authority, Va., higher education revenue bonds (Bridgewater College) 15,000 Baa Baa1 Moody's The downgrade is based on uncertainty regarding small enrollment, low tuition rate depleted by high financial aid, and adequate balance sheet resources.
Somerdale Borough, N.J., general obligation bonds 3,189 Baa Baa1 Moody's The downgrade reflects stagnating tax base, aging population, and adequate reserve levels.
Woodridge Village, Dupage and Will Counties, Ill., multifamily housing revenue refunding bonds, Series 1990 20,760 AAA/A-1 AAA/A-1+ S&P The upgrade reflects insurance provided by Financial Security Assurance ===
