Moody's rates Los Angeles bonds Aa1/VMIG1, Aaa/VMIG1

Moody's Investors Service said it assigned ratings of Aa1/VMIG1 to the Los Angeles wastewater system subordinate revenue bonds, variable-rate refunding, including $85 million of series 2008A, $70 million of series 2008B, $50 million of series 2008C, $32 million of series 2008D and $10.1 million of series 2008E.

Moody's also said it assigned ratings of Aaa/VMIG1 to the Los Angeles wastewater system subordinate revenue bonds, variable-rate refunding, including $68.72 million of series 2008F-1, $56.38 million of series 2008F-2, $36.3 million of series 2008G and $36.3 million of series 2008H.

Separately, Moody's said it assigned underlying ratings of A1 to the 2008A to H bonds.

Sale of the bonds is expected on April 30.

The ratings on series 2008A through 2008E are based on five irrevocable, direct-pay letters of credit from the Bank of Nova Scotia, which is rated Aa1/P-1, and the ratings on the series 2008F-1 through 2008H, which are based on four irrevocable, direct-pay letters of credit from Bank of America, NA, which is rated Aaa/P-1.

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