Louisiana to price $200 million G.O. variable-rate demand refunding bonds July 15

By Sheri Kasprzak

New York, July 2 - Louisiana plans to price $200 million in series 2008A general obligation variable-rate demand refunding bonds on July 15, said a source at the issuer Wednesday.

"The pricing date is tentative at this stage," the source said.

The bonds (A1) will be sold on a competitive basis.

Proceeds from the sale will be used to refund the state's outstanding series 2006A general obligation tax credit bonds.

Also on Wednesday, Moody's Investors Service said it upgraded the state's general obligation bond rating to A1 from A2 based on the state's financial strength and recovery since Hurricane Katrina, according to a statement from Moody's.

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