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Moody's gives underlying Aa3 to Georgia Tech bonds
Moody's Investors Service said it assigned an underlying rating of Aa3 with a stable outlook to $85.2 million of revenue bonds, series 2008A, 2008B and 2008D, to be issued by the Development Authority of Fulton County, Ga., on behalf of Georgia Tech Facilities, Inc.
Moody's also said it downgraded $273 million of Georgia Tech Facilities' debt to Aa3 from Aa2.
The new issue includes $32.895 million of series 2008A, $33.76 million of series 2008B and $18.495 million of series 2008D. Sale of the bonds is expected on April 8.
The series 2008A and 2008B bonds will be backed by a letter of credit from SunTrust Bank, which is rated Aa2, and Moody's said a rating based on the letter of credit will be applied later.
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