WASHINGTON -- Moody's Investors Service said last week it up-graded 85 local housing agency mortgage revenue bond issues and downgraded seven in its first ever comprehensive examination of the agencies' single-family credit ratings.

The 85 upgrades, for local issuers in 24 states, represent nearly one-third of the 259 bond issues Moody's reviewed, according to a statement released by the rating agency. The ratings on another 167 issues did not change.

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