Moody's rates Eastern Municipal Water COPs Aa3/VMIG1

Moody's Investors Service said it assigned an Aa3/VMIG1 rating to the Eastern Municipal Water District, Calif.'s $54.785 million series 2008D, $64.115 million series 2008E, $50 million series 2008F and $50 million series 2008G water and sewer revenue certificates of participation and an Aa3 rating to the $138.515 million series 2008H COPs.

The expected sale dates are Aug. 14 for series 2008H and July 29 for the other series.

The short-term VMIG1 rating is based on standby certificate purchase agreements from Lloyds TSB Bank for the D and E series and JPMorgan Chase Bank NA for the F and G series. Both banks are rated Aaa/P-1 by Moody's.

Series D and series E proceeds will be used to refund a portion of the district's insured, variable-rate debt. Series F and series G proceeds will be used to fund capital improvements, mostly system expansion-related pumps and pipelines. Series H will also fund capital improvements, primarily expansion of groundwater recharge and water treatment facilities.

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