Moody's raises Del Mar College, Texas, underlying rating to A1

Moody's Investors Service said it upgraded to A1 from A2 the underlying ratings on Del Mar College District, Texas' combined fee revenue bonds and assigned an underlying A1 rating to $25.5 million of combined fee revenue bonds, series 2008. The outlook on the revenue bonds is stable.

Moody's also said it affirmed the Aa3 ratings on the college's outstanding limited tax bonds.

The district has a total of $137.1 million of rated debt outstanding.

The 2008 bonds are expected to be insured by a provider rated by Moody's. Subject to a review of the insurance policies, the bonds will carry the financial strength rating of the insurance provider.

Sale of the 2008 bonds is expected on March 11.

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