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Moody's lifts Houston utility bonds to Aaa/VMIG1
Moody's Investors Service said it upgraded the rating to Aaa from A2 on the City of Houston's combined utility system first-lien revenue refunding bonds, series 2004B2, 2004B5, 2004B6 and 2004B8.
There are $150 million series 2004B5 and 2004B8 bonds and $142.775 million of series 2004B2 and 2004B6 bonds.
At the same time, Moody's said it assigned a short-term rating of VMIG1 to the bonds.
The actions were taken in connection with their conversion of the bonds to a weekly interest rate mode from an auction-rate mode and the delivery of a letter of credit from Bank of America NA, State Street Bank and Trust Co., Bank of New York and Dexia Credit Local.
The conversion of the series 2004B5 and 2004B8 bonds was expected to take place on April 10. For the 2004B2 and 2004B6 bonds, conversion was expected on April 14.
Upon conversion, series 2004B8 and series 2004B5 were to be re-designated as series 2004B3 and 2004B4, respectively. The sub-series 2004B2 and 2004B6 will be re-designated as series 2004B5.
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