Moody's rates Houston utility bonds Aaa/VMIG1

Moody's Investors Service said it upgraded the rating to Aaa from A2 and assigned a short-term rating of VMIG1 to the City of Houston Combined Utility System's first-lien revenue refunding bonds, series 2004B1, 2004B and 2004B7.

About $225 million of debt is affected.

The rating was revised in connection with the conversion of the bonds to a weekly interest rate mode from an auction-rate mode and with the delivery of a direct-pay letter of credit from Bank of America NA, State Street and Bank and Trust, Bank of New York, and Dexia Credit Local.

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