Moody's rates N.Y. residential institutions bonds Aa1

Moody's Investors Service said it assigned a rating of Aa1 to the Dormitory Authority of the State of New York's $53.91 million in Residential Institutions for Children revenue bonds, series 2008 A. The outlook is stable.

The expected sale date is June 17.

Proceeds will finance the renovation or replacement of eight not-for-profit residential facilities providing mandated services to foster children and students with special needs, to make deposits in the Debt Service Reserve Fund, to fund capitalized interest during a construction period and to pay costs of issuance.

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