Moody's gives A1 to Kansas City water bonds

Moody's Investors Service said it assigned an A1 rating to the $206.36 million series 2008B water refunding and improvement revenue bonds issued by Kansas City, Mo.

The new issue will refund all of the system's outstanding senior-lien debt and represents the entirety of the system's rated debt. The city sold $35 million of privately placed, unrated series 2008A bonds in April 2008, which represents the only subordinate-lien debt outstanding.

The current offering also includes $69 million of new money, which will finance improvements to the system's distribution infrastructure and primary treatment plant.

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