S&P rates Tenn. Local Development BANs SP1+

Standard & Poor's said it assigned a short-term SP1+ rating to the Tennessee Local Development Authority's $57 million state loan program revenue bond anticipation notes (BANs), 2008 series A.

The new issue is expected to sell competitively around June 11 and is due June 24, 2009.

Officials will use the proceeds to refund most of the authority's series 2007A parity notes outstanding, as well as use a portion to make additional loans to localities.

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