Moody's ups American University bonds to Aaa/VMIG1

Moody's Investors Service said it upgraded the long-term rating of the $99.975 million series 2006A and 2006B multimodal university revenue bonds issued by the District of Columbia for American University to Aaa from A2 and assigned a short-term rating of VMIG1.

The upgrade is occurring in conjunction with conversion of the bonds to a weekly interest rate mode from an auction-rate mode and delivery of letters of credit from Bank of America, NA. Moody's rates Bank of America Aaa for its long-term obligations and Prime-1 for its short-term obligations.

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