Moody's rates Orange County, Calif., water bonds

Moody's Investors Service said it assigned an Aa2/VMIG1 rating to the Orange County Water District, Calif.'s $119.7 million of adjustable-rate refunding revenue certificates of participation (weekly variable-rate demand obligations), series 2008A.

The short-term rating is based on a standby purchase agreement from Landesbank Baden-Wuerrtemberg.

Moody's also said it affirmed the Aa2 rating on the district's outstanding parity debt.

Sale of the series 2008A bonds is expected on April 8.

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