Moody's ups S.C. transportation bonds, assigns VMIG1 rating

Moody's Investors Service said it upgraded the long-term rating of the South Carolina Transportation Infrastructure Bank's $122.775 million series 2003B-1 revenue refunding bonds to Aaa from A1, upgraded its $122.775 million series 2003B-2 bonds to Aa2 from A1 and assigned both series a short-term rating of VMIG1.

The upgrade was made in conjunction with conversion of the bonds to a weekly interest rate mode from an auction-rate mode and delivery of letters of credit from Bank of America, NA (for series 2003B-1) and Branch Banking and Trust Co. (for series 2003B-2). Moody's rates Bank of America Aaa and Branch Banking and Trust Aa2 for long-term obligations and both banks Prime-1 for short-term obligations.

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