Moody's rates Oregon COPs Aa3

Moody's Investors Service said it assigned an Aa3 rating to $148.84 million 2008 series A and $14.77 million series B (taxable) certificates of participation issued by the Oregon Department of Administrative Services.

The outlook is stable.

Oregon plans to sell both series of certificates the week of June 30.

Proceeds will be used for facility maintenance and upgrades, equipment for state agencies and capital projects, including design and initial construction for the replacement of the state hospital, construction of a wireless interoperability network, completion of the state capitol building renovation and new armories. A small portion of the 2008 series A COPs will refund a portion of the state's outstanding 1997 series B certificates for net present value savings of about $419,000.

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