Bond-Rating Update

By AUDREY WILLIAMS JUNE

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

Angelina County Junior College District, by Moody's Investors Service, from Baa2 to A3. Applies to $2.3-million in outstanding bonds. Reasons cited include enrollment of 3,244 in