Moody's gives Aa3/VMIG1 to Central Utah Water Conservancy bonds

Moody's Investors Service said it assigned an Aa3/VMIG1 rating to the Utah Water Finance Agency's series B program revenue bonds (variable-rate demand bonds), series 2008 B-2, in the amount of approximately $70.3 million.

The bonds are an obligation of the Central Utah Water Conservancy District.

Sale of the bonds was expected on May 20.

The rating affects about $106.7 million of the district's water revenue parity debt, including the current offering.

Moody's also affirmed the A1 rating on the district's subordinate-lien water revenue bonds.

The current offering represents a refinancing of three of the district's variable-rate water revenue obligations issued through the agency.

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