Moody's lifts Rensselaer, N.Y., bonds; gives VMIG1

Moody's Investors Service said it upgraded the long-term ratings of Troy Industrial Development Authority's civic facility revenue bonds (Rensselaer Polytechnic Institute project), series 2002B, series 2002C and series 2002D, to Aaa, Aa2 and Aa3, respectively. A total of $177.976 million of debt was affected.

All three series were previously rated A2.

Moody's also said it assigned a short-term rating of VMIG1 to the bonds.

The actions are in connection with the conversion of the bonds to a weekly rate mode and the delivery of three irrevocable, direct-pay letters of credit.

The letters of credit are provided by JPMorgan Chase Bank, NA for series 2002B; Allied Irish Banks, plc for series 2002C; and Northern Trust Co. for series 2002D.

JPMorgan, Allied Irish and Northern Trust are rated Aaa/P-1 with stable outlook, Aa2/P-1 with stable outlook and Aa3/P-1 with positive outlook, respectively.

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