Bond-Rating Update for June 2003

The following institutions had their bond ratings upgraded or downgraded during June 2003. Ratings, which reflect the relative financial strength of institutions, help determine their cost of borrowing.

UPGRADES
  • Amherst College, by Standard & Poor's, from AA+ to AAA. Applies to $130-million in new and outstanding bonds. Reasons cited include moderately low debt at the

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