Moody’s Investors Service upgraded the issuer rating to A2 from A3 on the Middleborough Gas and Electric Department of the Town of Middleborough, MA. The upgrade incorporates the continued sound performance of the department and its strong cash reserves. This issuer rating is intended to be used as an assessment of the utility’s financial strength and ability to honor its financial obligations and contracts. It incorporates the credit characteristics of the municipal electric utility, including its monopoly market position; unregulated rate setting authority; ability to recover costs monthly with a fuel adjustment charge; and sound financial operations and liquidity. The rating also incorporates the potential availability of the Town of Middleborough’s liquidity and taxing authority to cure a nonperforming contract. (October 2, 2007, Moody’s Investors Service Press Release)