Moody's ups New York State Electric bonds

Moody's Investors Service said it upgraded its long-term rating to Aaa on the $74 million 1994 series D-1 and D-2 pollution control refunding revenue bonds issued by the New York State Energy Research and Development Authority for the New York State Electric & Gas Corp. Project and assigned a short-term rating of VMIG1.

The bonds, with $37 million in each series, were converted from the auction rate to the weekly rate on July 15 and remarketed.

Moody's will issue a rating based on review of a new letter of credit from JPMorgan Chase Bank NA, which Moody's rates Aaa for its long-term debt obligations and P-1 for its short-term debt obligations.

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