NEW YORK -- Moody's Investors Service Inc. said it upgraded the ratings of nine securities backed by California mortgage pools.

Ratings were raised to Aaa for seven mortgage pass-through securities and to Aal for two. The nine were issued from 1987 through 1989; eight were initially rated Aa2, and one Baa2.

The issuers included Continental Savings of America, Great Western Bank, Republic Federal Savings and Loan, Ryland-First Nationwide Trust, Ryland-Mercury Savings Trust, and SecurNet Mortgage Securities.

Moody's cited the amount of credit enhancement available to support the securities and their relatively low levels of delinquencies and foreclosures.

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