Moody's assigns Aa3 to University of Louisville bonds

Moody's Investors Service said it assigned an Aa3 rating to the University of Louisville Athletic Association's $41.565 million series 2008A and $44.095 million series 2008B mortgage revenue bonds, issued through the Louisville and Jefferson County Metropolitan Government, Ky. The outlook is stable.

The expected sale date is July 23.

Proceeds will be used to refund the series 1997 lease revenue bonds, finance the expansion of the University of Louisville Cardinal Stadium and fund a debt service reserve fund.

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