Moody's rates Grinnell College bonds Aaa/VMIG1

Moody's Investors Service said it assigned an Aaa/VMIG1 rating to Grinnell College, Iowa's $60 million private college facility variable-rate demand revenue bonds, series 2008. The outlook is stable.

The expected sale date is June 25.

Proceeds will be used to pay a portion of the costs to complete phase 2 construction of the Athletics and Fitness Center, a preschool and other capital projects, as well as to pay issuance costs.

The rating is based on a standby bond purchase agreement provided by Northern Trust Co.

Moody's also affirmed its Aaa/VMIG1 rating on Grinnell's series 2001 bonds.

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