ISSUER AMOUNT CHANGE
BOND (000S) TO FROM NAME COMMENTS
Arkansas Student Loan Authority, adjustable-fixed rate student loan revenue bonds, Series 1985B 20,050 BBB/A-3 A-/A-2 S&P The bonds are backed by a letter of credit from Daiwa Bank, which was downgraded.
Blaine, Minn., general obligation bonds 18,230 A1 A Moody's The upgrade reflects a stronger financial performance, manageable debt position, and above-average socioeconomic indicators.
Brazos River Authority, Tex., collateralized revenue refunding bonds, Series 1988A (Houston Lighting & Power Co.) 100,000 A A-minus S&P The bonds' corporate beneficiary, Houston Lighting & Power Co., was upgraded.
Coconino County Industrial Development Authority, Ariz., industrial development revenue bonds, Series 1993 (Citizens Utilities Co.) 2,100 AA+/A1+ AAA/A1+ S&P The bonds' corporate beneficiary, Citizens Utilities Co., was downgraded.
Dearborn Economic Development Corp., Mich., variable-rate limited obligation bonds, Series 1993 15,000 A+/A-1 A/A-1 S&P The bonds are backed by a letter of credit from Mellon Bank, which was upgraded.
Detroit, Mich., sewer revenue bonds 596 A A-minus S&P The upgrade is based on continued strong financial performance and significant rate flexibility.
Dunes Community Development District, Fla., water and sewer project revenue bonds, Series 1988, and revenue refunding bonds, Series 1992 & 1993 (ITT Corp.) 43,550 BBB A-plus S&P The bonds' corporate beneficiary, ITT Corp., was downgraded.
Flagstaff Industrial Development Authority, Ariz., money market municipals revenue bonds, Series 1993 (Citizens Utilities Co.) 2,100 AA+/A1+ AAA/A1+ S&P The bonds' corporate beneficiary, Citizens Utilities Co., was downgraded.
Forest Hills Public Schools, Mich., revenue bonds, various series 95,345 AA AA-minus S&P The upgrade reflects the strengthening of the district's financial position and continued growth in the tax base.
Franklin County, Ohio, variable-rate industrial development revenue bonds, Series 1985 (Citizens Utilities Co.) 2,000 AA+/A1+ AAA/A1+ S&P The bonds' corporate beneficiary, Citizens Utilities Co., was downgraded.
Hawaii State Department of Budget & Finance, demand purchase special refunding revenue bonds, Series 1985; money market special purpose revenue bonds, Series 1985; and special purpose revenue bonds, Series 1988 A&B and 1993 (Citizens Utilities Co.) 72,950 AA+/A1+ AAA/A1+ S&P The bonds' corporate beneficiary, Citizens Utilities Co., was downgraded.
Hawaii State Department of Budget & Finance, special purpose revenue bonds, Series 1982, 1988C & 1992; select auction variable-rate securities, Series 1991A; residual interest bonds, Series 1991B (Citizens Utilities Co.) 55,300 AA-plus AAA S&P The bonds' corporate beneficiary, Citizens Utilities Co., was downgraded.
Illinois Development Finance Authority, variable-rate refunding environmental control revenue bonds, Series 1985; and environmental facility revenue bonds, Series 1991 & 1993 (Citizens Utilities Co.) 14,756 AA+/A1+ AAA/A1+ S&P The bonds' corporate beneficiary, Citizens Utilities Co., was downgraded.
Los Angeles County Housing Authority, Calif., multifamily revenue bonds, Series 1992A (Hayward Manor Project) 13,474 CCC BB S&P If the issue is not restructured, the bonds are likely to default.
Maricopa County Industrial Development Authority, Ariz., industrial development revenue bonds, Series 1991 & 1995 (Citizens Utilities Co.) 20,550 AA-plus AAA S&P The bonds' corporate beneficiary, Citizens Utilities Co., was downgraded.
Maricopa County Industrial Development Authority, Ariz., variable-rate industrial development revenue bonds, Series 1985, and industrial development revenue demand purchase bonds, Series 1988 (Citizens Utilities Co.) 13,785 AA+/A1+ AAA/A1+ S&P The bonds' corporate beneficiary, Citizens Utilities Co., was downgraded.
Mohave County Industrial Development Authority, Ariz., demand purchase bonds, Series 1991 A&B (Citizens Utilities Co.) 20,000 AA-plus AAA S&P The bonds' corporate beneficiary, Citizens Utilities Co., was downgraded.
Navaho County Industrial Development Authority, Ariz., industrial development revenue bonds, Series 1993 (Citizens Utilities Co.) 4,500 AA+/A1+ AAA/A1+ S&P The bonds' corporate beneficiary, Citizens Utilities Co., was downgraded.
New York City Health & Hospitals Corp., revenue bonds, 1993A 229,080 BBB-minus BBB S&P The downgrade reflects the lower rating of New York City's GOs.
New York State Dormitory Authority, parking facilities revenue bonds, Series A (Montefiore Medical Center) 4,000 A Baa Moody's The downgrade reflects the medical center's high debt levels and very poor liquidity.
New York State Housing Finance Agency, multifamily revenue bonds, Series 1990A 9,415 AAA AA S&P The bonds have an investment agreement from Morgan Guaranty Trust Co., which is rated AAA.
New York State Housing Finance Agency, FHA-insured mortgage revenue bonds, Series 1991A (Baytown Apts) 13,085 AAA A-plus S&P The bonds have an investment agreement from Morgan Guaranty Trust Co., which is rated AAA.
New York State Housing Finance Agency, multifamily insured mortgage revenue bonds, Series 1985B 13,085 AAA A S&P The bonds have an investment agreement from Morgan Guaranty Trust Co., which is rated AAA.
New York State Medical Care Facilities Financing Agency, health care revenue bonds (Beth Israel Medical Center) 27,495 Baa Baa1 Moody's The downgrade reflects a highly leveraged debt position and a very high exposure to governmental payors.
Northampton County Industrial Development Authority, Pa., variable-rate industrial development revenue and refunding bonds, Series 1985; industrial development revenue bonds, Series 1988 A&B and 1991; and demand purchase bonds, Series 1989 A&B (Citizens Utilities Co.) 62,015 AA+/A1+ AAA/A1+ S&P The bonds' corporate beneficiary, Citizens Utilities Co., was downgraded.
Northampton County Industrial Development Authority, Pa., industrial development revenue bonds, Series 1982 (Citizens Utilities Co.) 3,565 AA-plus AAA S&P The bonds' corporate beneficiary, Citizens Utilities Co., was downgraded.
Oklahoma City Industrial Authority, Okla., revenue bonds, Series 1988A & 1993 (Hillcrest Health Center aka Hillcrest Osteopathic Hospital) 22,570 BBB-plus A-minus S&P The downgrade reflects reduced profitability and declining liquidity.
Otero County, Utah, fixed-rate industrial development and fixed-rate industrial development refunding revenue bonds, Series 1985 (Citizens Utilities Co.) 3,150 AA-plus AAA S&P The bonds' corporate beneficiary, Citizens Utilities Co., was downgraded.
Philadelphia Hospitals & Higher Education Facilities Authority, Pa., hospital revenue bonds, Series 1993A (Frankford Hospital) 30,052 BBB-plus BBB S&P The upgrade is based on strong financial performance and utilization trends.
Pittsfield Township, Mich., limited tax bonds; and tax-exempt and taxable special assessment limited tax bonds, Series 1994A 11,725 A A-minus S&P The upgrade results from fairly rapid economic growth and several years of strong financial performance.
Portage Economic Development Corp., Mich., limited obligation revenue bonds (Bowers Manufacturing) 5,500 AA A S&P A letter of credit from NBD Bank replaces one from Old Kent Bank and Trust.
Rhode Island Health and Educational Facility Building Corp., revenue bonds, Series 1989 (Roger Williams Realty Corp.) 9,065 AA-minus A-plus S&P The upgrade reflects the issue's backing by investment agreements from Citibank.
Santa Cruz County Industrial Development Authority, Ariz., demand purchase bonds, Series 1991 (Citizens Utilities Co.) 10,100 AA-plus AAA S&P The bonds' corporate beneficiary, Citizens Utilities Co., was downgraded.
Santa Cruz County Industrial Development Authority, Ariz., variable- rate indusatrial development revenue bonds, Series 1985; and industrial development revenue bonds, Series 1988 A&B and 1994 (Citizens Utilities Co.) 28,880 AA+/A1+ AAA/A1+ S&P The bonds' corporate beneficiary, Citizens Utilities Co., was downgraded.
Scottsdale Municipal Property Corp., Ariz., excise tax revenue bonds 45,500 Aa A1 Moody's The upgrade results from ample coverage of peak debt service requirements, strong financial performance, and a growing and diverse economic base.
Seminole County, Fla., general obligation bonds, Series 1992 1,650 BBB A-minus S&P The upgrade reflects strong economic growth and increasing tax base diversification.
Sequoia Hospital District, Calif., revenue bonds, Series 1993 55,275 BBB A-minus S&P The downgrade is based on negative operating trends and reductions in liquidity strength.
Somerville, Mass., general obligation bonds 5,410 A Baa1 Moody's The upgrade reflects solid financial flexibility, a moderate debt burden, and a stabilizing tax base.
South Carolina Public Service Authority, revenue bonds (Santee Cooper) 1,898,000 Aa A1 Moody's The upgrade reflects major regional power generator, well positioned for competitive market, satisfactory finances, low rates, and strong management.
South Carolina Public Service Authority, expansion revenue bonds (Santee Cooper) 1,079,455 Aa A1 Moody's The upgrade reflects major regional power generator, well positioned for competitive market, satisfactory finances, low rates, and strong management.
South Carolina Public Service Authority, electric revenue bonds, various series (Santee Cooper) 125,521,000 Aa/VMIG1 A1/VMIG1 Moody's The upgrade reflects major regional power generator, well positioned for competitive market, satisfactory finances, low rates, and strong management.
South Carolina Public Service Authority, electric revenue bonds, Series 1993M (Santee Cooper) 29,600 Aa/NR A1/NR Moody's The upgrade reflects major regional power generator, well positioned for competitive market, satisfactory finances, low rates, and strong management.
Tolleson, Ariz., municipal finance industrial revenue bonds, Series 1985 (Citizens Utilities Co.) 13,805 AA-plus AAA S&P The bonds' corporate beneficiary, Citizens Utilities Co., was downgraded.
Travis County Housing Finance Corp., Tex., multifamily housing revenue bonds, Series 1990A&B 5,800 AA-/A-1+ A+/A-1 S&P The bonds have a letter of credit from Bank of America Illinois, which was upgraded.
Trinity River Authority, Tex., revenue bonds, Series 1986 (Summit Regional Water Storage) 100 BBB-plus A-minus S&P The downgrade reflects similar downgrade of Cedar Hill Water & Sewer.
Vermont Education & Health Building Finance Agency, mortgage revenue bonds, Series 1991 (Helen Porter Nursing Home) 4,960 AA-minus AA-plus S&P The downgrade reflects the issue's dependence on an investment agreement with Prudential Insurance Co. of America.
Warren, Ohio, hospital revenue bonds, Series 1993A (Warren General Hospital) 15,200 BB BBB S&P The downgrade is based on declining admissions, poor financial operations, and uncertainties surrounding future operations.
Washington Health Care Facility Authority, variable-rate demand revenue bonds, Series 1991 (St. Clare Hospital) 14,400 BBB/A3 A/A2 S&P The bonds are backed by a letter of credit from Daiwa Bank, which was downgraded.
Westminster, Calif., water revenue bonds, Series 1993 5,220 A- minus A S&P The downgrade is based on low liquidity levels in the past three years.
Yavapai County Industrial Development Authority, Ariz., money market municipal revenue bonds, Series 1993 (Citizens Utilities Co.) 17,500 AA+/A1+ AAA/A1+ S&P The bonds' corporate beneficiary, Citizens Utilities Co., was downgraded ===
