Bond-Rating Update

By AUDREY WILLIAMS JUNE

The following institutions had their bond ratings upgraded or downgraded during June 2004. Ratings, which reflect the relative financial strength of institutions, help determine their cost of borrowing.

The Citadel, by Moody's Investors Service, from A2 to A1. Applies to $18.9-million of outstanding bonds. Reasons cited include the South Carolina institution's "conservative