Standard&Poor's Ratings Services raised its rating to 'AA/A-1+' from 'A+/A-1' and 'AA-/A-1+', respectively, on the City of Irvine, Calif.'s limited obligation improvement bonds for the assessment districts Nos. 94-13 (Oak Creek) and 97-16 (Northwest Irvine). The upgrade was the result of a substitution of two direct pay letters of credit (LOCs) from State Street Bank and Trust Co. on both series for existing LOCs from the Canadian Imperial Bank of Commerce on series 94-13 and Societe Generale for series 97-16. The bonds are in the weekly mode, during which interest payment dates are on the fifth business day of each month. The bonds may convert to daily, monthly, semiannual, extended rate, and fixed-rate modes. Upon conversion to any
