Moody's assigns Aa1 to Virginia College bonds

Moody's Investors Service said it assigned an Aa1 rating to the Virginia College Building Authority's $143.6 million of educational facilities revenue bonds (21st Century College and Equipment Programs), series 2008A.

Sale of the bonds was expected on May 20.

The program is used to finance various capital projects at Virginia public higher education institutions. The rating reflects the Commonwealth of Virginia's payment obligation, subject only to legislative appropriation, the agency said.

Security rests with the commonwealth's continued willingness to make payments in amounts sufficient to meet debt service payments as they become due. The rating also incorporates the credit strength of the commonwealth (rated Aaa with a stable outlook) and the limited nature of its payment obligation.

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