Moody's gives Aa3 to Grossmont Union High School bonds

Moody's Investors Service said it assigned an Aa3 rating to Grossmont Union High School District, Calif.'s $88.2 million offering of 2008 general obligation bonds.

The expected sale date is July 14.

Proceeds will fund the acquisition of land and initial planning for the construction of a new high school, as well as renovation and modernization projects at eight existing school sites.

Moody's also affirmed the Aa3 rating on the district's $168.6 million outstanding general obligation bonds.

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