Moody's rates Grossmont-Cuyamaca, Calif., college bonds Aa3

Moody's Investors Service said it assigned an Aa3 rating to Grossmont-Cuyamaca Community College District, Calif.'s 2002 election general obligation bonds, series C and 2008 refunding bonds.

The bonds are secured by an unlimited property tax pledge.

Sale of the $52 million series 2008C bonds and $138.819 million 2008 refunding bonds was expected on May 15.

Proceeds from series C will primarily fund classroom renovations and various system improvements. The refunding bonds will refund previously issued parity debt.

At the same time Moody's said it affirmed the Aa3 rating on the district's outstanding general obligation bonds, totaling about $143 million.

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