Moody's gives initial A2 to Lincoln Center refunding bonds

Moody's Investors Service said it assigned an initial A2 underlying rating to the Lincoln Center for the Performing Arts' $113.475 million series 2008A-1 and $37.775 million 2008A-2 refunding revenue bonds to be issued by the Trust for Cultural Resources of the City of New York.

The expected sale date is July 17.

Proceeds will refund the prior series 2006A auction-rate bonds and pay costs of issuance.

The outlook is positive.

The series 2008A bonds will be backed by a letter of credit from Bank of America, and Moody's said it will assign a rating based on that facility.

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