Moody's gives A1 to Worcester Polytechnic, Mass., bonds

Moody's Investors Service said it assigned an underlying rating of A1 to Worcester Polytechnic Institute's $48.995 million of variable-rate demand revenue bonds, series 2008A, and $5.8 million of variable-rate demand revenue bonds, series 2008B (taxable), issued through the Massachusetts Development Finance Agency.

The outlook is stable.

The bonds will be supported by a direct-pay letter of credit issued by TD Banknorth, NA, which is rated Aa2.

Moody's said a rating based on the letter of credit will be assigned separately.

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