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Moody's rates College of Holy Cross, Mass., bonds Aa3
Moody's Investors Service said it assigned a rating of Aa3 to the College of the Holy Cross' $45.8 million of floating-rate revenue refunding bonds, 2008 series A, and $71 million of revenue refunding bonds, 2008 series B, all to be issued by the Massachusetts Development Finance Agency.
The 2008 series A bonds will be issued as variable-rate securities backed by a letter of credit from Bank of America, NA.
An enhanced rating based on the letter of credit will be issued separately, Moody's said.
In addition, Moody's said it affirmed the Aa3 rating on the outstanding parity debt.
Series A is expected to sell on May 8 and series B on April 22.
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