Moody's rates Clark University, Mass., bonds A2

Moody's Investors Service said it assigned an A2 underlying rating to Clark University, Mass.' $50.295 million of series 2008 bonds issued through the Massachusetts Development Finance Agency. The outlook is stable.

The series 2008 bonds will be issued in a variable-rate weekly mode and will be further secured by an irrevocable direct-pay letter of credit from TD Banknorth, NA (rated Aa2/P-1).

Moody's said it also affirmed its outstanding ratings on Clark University's series 1998 and 2005 bonds, also issued through the Massachusetts Development Finance Agency. Following issuance of the series 2008 bonds, the university will have $83.9 million in direct debt outstanding, of which $33.6 million will be in the fixed-rate mode and $50.3 million will be in a variable-rate mode with a put feature.

Proceeds from the series 2008 bonds are expected to be used to refund series 2000, series 2002A and series 2002B bonds; for renovations of Goddard Library; for payment of a termination fee on swap for the series 2002A bonds; and for payment of costs of issuance.

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