January 23, 2003

Bond ratings: a clarification

To the Editor:

I would like to make a clarification concerning the list of Moody's nonprofit bond ratings that appears in your December 12 issue ("Report Predicts Debt Woes for Charities"). As we state in our report, "Not-for-Profit Institutions Have Mixed Credit Outlook," these ratings are "underlying ratings based on the institution's own credit quality." That means that the ratings are based on the institutions' own financial

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