Moody's rates Phoenix airport bonds underlying Aa3

Moody's Investors Service said it assigned an Aa3 underlying rating to $423.1 million of Phoenix Civic Improvement Corp.'s airport revenue bonds, series 2008A, B, C and D, issued on behalf of the City of Phoenix. The outlook is stable.

The bond offering will include $206.84 million series 2008A bonds, $43.16 million 2008B bonds, $96.075 million 2008C bonds and $76.435 million 2008D bonds.

Sale of the bonds is expected on May 29.

Moody's also affirmed its Aa3 rating on the airport's senior-lien parity bonds.

The city operates and manages Phoenix Sky Harbor International Airport, Phoenix-Goodyear Airport and Phoenix-Deer Valley Airport.

Proceeds will be used to fund a portion of the airport's capital improvement plan, including an automated train, land acquisition, development studies and infrastructure improvements. The series 2008C&D bonds will refund the airport's outstanding series 1994 and series 1998 senior-lien airport revenue and senior-lien excise tax bonds, as well as the series 1995 subordinate-lien excise tax bonds.

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