Moody's gives University of Arkansas facilities bonds Aa3

Moody's Investors Service said it assigned an Aa3 rating to the University of Arkansas' $52.5 million of various facilities revenue bonds (Fayetteville Campus), series 2008A and 2008B.

The expected sale date is June 18.

The outlook for the University of Arkansas system is stable, and Moody's affirmed the Aa3 ratings on its outstanding long-term debt.

Proceeds of the new issue will be used for capital projects, including a parking garage, renovation of a building for a public radio station, and acquisition of land, as well as to pay for issuance costs.

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