Moody's rates Arizona State University bonds Aaa/VMIG1

Moody's Investors Service said it assigned an Aaa/VMIG1 rating to series 2008A and 2008B variable-rate demand system revenue refunding bonds issued by the Arizona Board of Regents for Arizona State University.

Each series will include $51.84 million in bonds. The expected sale date is June 19.

The rating is based on a letter of credit from Lloyds TSB Bank plc, which Moody's rates Aaa/P-1 for long-term/short-term deposits, respectively. The underlying rating of Arizona State University System revenue bonds is Aa3.

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