Moody's gives underlying Aa3 rating to Sarasota County, Fla., parkland bonds

Moody's Investors Service said it assigned an Aa3 underlying rating to Sarasota County, Fla.'s $80.48 million of limited ad valorem tax bonds (Environmentally Sensitive Lands and Parkland Program), series 2008.

At the same time, Moody's said it downgraded to Aa3 from Aa2 the county's $34.9 million outstanding parity bonds.

Moody's also assigned an Aa1 issuer rating to the county, which is the same rating that the county had for its general obligation bonds that have recently been repaid.

The series 2008 bonds may be insured and, subject to a review of the insurance policy, will carry the financial strength rating of the insurer. In that case, Moody's said it will still retain its underlying rating.

Sale of the series 2008 bonds is set for Feb. 21.

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