ATLANTA -- Moody's Investors Service on Monday upgraded the Kentucky Housing Corp.'s $783 million of housing revenue bonds to Aaa from Aa1, making the authority the first state housing bond issuer to receive Moody's highest rating for an ongoing housing bond program.

The rating agency has previously awarded its triple-A to specific housing bond issues secured by third-party guarantees or support, but never to a continuing series of borrowings, according to Christopher Martin, manager of the rating agency's asset-backed group.

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