Moody's rates Fairfield University bonds A3

Moody's Investors Service said it assigned an A3 rating to Fairfield University's $108.93 million fixed-rate series N bonds issued by the Connecticut Health and Educational Facilities Authority. The outlook is stable.

The expected sale date is Aug. 13.

Proceeds will refund the university's series L-1 and L-2 auction-rate bonds, pay the cost of terminating a swap associated with the bonds being refunded, make a deposit to the debt service reserve fund and pay costs of issuance.

Moody's affirmed its A3 rating on the university's outstanding debt.

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