Moody's assigns A3 to Delaware River Port bonds

Moody's Investors Service said it assigned an A3 underlying rating to the $358 million series 2008A and B revenue refunding bonds issued by the Delaware River Port Authority, Pa. The outlook is stable.

The expected sale date is July 24.

Proceeds will refund the authority's outstanding series 2007 revenue bonds, which were issued as auction-rate securities and have been subject to unfavorable market conditions.

The series 2008 bonds will be issued as variable-rate obligations backed by letters of credit from Bank of America (senior unsecured rated Aaa) and TD Bank (senior unsecured rated Aa2), and prior to closing will receive ratings from Moody's based on this structure.

Moody's also affirmed the A3 ratings on parity debt issued under the 1998 indenture and the Baa3 rating on the authority's port district project bonds.

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