Moody's rates Louisiana bonds Aaa/VMIG1

Moody's Investors Service said it assigned a rating of Aaa/VMIG1 to the $200 million State of Louisiana general obligation variable-rate demand refunding bonds, series 2008-A.

Sale of the bonds is expected on July 16.

The long-term rating reflects Moody's approach to rating jointly supported transactions and is based in part upon the letter of credit provided by BNP Paribas. The bank is rated Aa1 for long-term obligations and Prime-1 for short-term obligations. Moody's maintains an underlying rating of A1 on the State of Louisiana.

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