Moody's lifts N.Y. State Electric bonds to Aaa

Moody's Investors Service said it upgraded to Aaa the long-term rating of New York State Energy Research and Development Authority's $63.5 million 1994 series C pollution control refunding revenue bonds issued for the New York State Electric & Gas Corp. and assigned a short-term rating of VMIG1.

The action comes in conjunction with conversion of the bonds from the auction rate to the weekly rate and delivery of a letter of credit from Wells Fargo Bank, NA, rated Aaa for its long-term debt obligations and P-1 for its short-term debt obligations.

The sale date was July 18.

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