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Moody's lifts Nature Conservancy, Colo., to Aa2
Moody's Investors Service said it upgraded the long-term debt rating to Aa2 from Aa3 on the Nature Conservancy and assigned an Aa2/VMIG1 rating to its $90 million of series 2008A taxable revenue bonds to be issued through the Colorado Educational and Cultural Facilities Authority.
Moody's said the upgrade reflects growth in the conservancy's financial resources, its continuing fundraising momentum and its future borrowing plans.
In addition, Moody's said it assigned Aa2/P-1 ratings to the conservancy's $100 million of taxable extendible notes.
The outlook is stable.
Moody's also said it revised its rating to Aa2/VMIG1 from Aa3 on the conservancy's series 2003A-TE bonds. The short-term rating is based on a standby bond purchase agreement from Bank of America, NA, which is rated Aaa/P-1.
The extendible notes and the series 2008A bonds are expected to sell on May 6 and May 7, respectively.
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