Moody's gives El Dorado, Calif., COPs underlying A2

Moody's Investors Service said it assigned an A2 underlying rating to the El Dorado Irrigation District, Calif.'s $110.705 million of adjustable rate refunding revenue certificates of participation (COPs), series 2008A.

Moody's also said it upgraded to A2 from A3 the district's outstanding series 2003 and 2004 parity obligations.

Sale of the COPs is expected on April 29. They are supported by an irrevocable, direct-pay letter of credit from Dexia Credit Local.

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