Moody's rates Nassau County, N.Y., G.O. bonds A2, RANs MIG1

Moody's Investors Service said it assigned an A2 rating to Nassau County, N.Y.'s approximately $140 million general obligation bonds, series 2008C, and $40 million G.O. refunding bonds, series 2008D. The outlook is stable.

The expected sale date is June 18.

Proceeds of the series C bonds will finance capital projects and certain judgments and settlements. The series D bonds will refund $41 million of outstanding county debt without extension of overall maturities, for an estimated net present value savings.

In addition, Moody's said it assigned MIG1 ratings to Nassau County's approximately $110 million G.O. revenue anticipation notes: $60 million series A, due April 15, 2009, and $50 million series B due May 15.

The expected sale date is June 11. Proceeds will be used to bridge the county's cash-poor periods in August and November.

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