Moody's places state aid intercept program ratings on review

April 10 Wed Apr 10, 2013 2:14pm EDT

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April 10 (Reuters) - Moody's Investors Service on Wednesday placed state aid intercept program ratings in five states on review, affecting $10.9 billion of debt.

The move was due to the credit rating agency's revised methodology for state programs that enhance the ratings of school districts and local governments by redirecting state aid that would normally go to them to make debt service payments in the event of a payment default, Moody's said in a statement.

Moody's said it placed on review with direction uncertain the enhanced ratings on 723 school districts and local governments that issued debt through programs in Arkansas, Indiana, New York, Pennsylvania and Virginia.

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