Moody's upgrades Alexandria, Va.

Moody's Investors Service said it upgraded to Aa2 from Aa3 the long-term ratings of the City of Alexandria, Va., Industrial Development Authority's variable-rate revenue bonds (Institute for Defense Analyses Project), series 2005 ($52.495 million) and series 2006 ($14.875 million) and confirmed its VMIG1 short-term ratings on the bonds.

The actions come in connection with the delivery of two irrevocable, direct-pay letters of credit provided by Branch Banking and Trust Co. to support the payment of principal, interest and purchase price of the bonds, the cancellation of the liquidity facilities in place to support purchase price payments on the bonds and the scheduled remarketing of the bonds.

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