S&P assigns A rating to University of Toledo bonds

Standard & Poor's said it assigned an A rating to the $34.855 million series 2008A general receipts bonds issued by the University of Toledo, Ohio, and gave an AAA rating to the university's $57 million series 2008B variable-rate demand bonds.

The outlook is stable.

Proceeds will be used to permanently refinance the university's general receipts notes, which were issued to refund all of the outstanding series 2002 variable-rate demand bonds.

The series 2008B rating is based on a letter of credit from JPMorgan Chase Bank NA (rated AA/A-1+).

S&P also affirmed its A underlying ratings on various parity general receipts bonds originally issued by either the University of Toledo or the Medical University of Ohio, which have merged.

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