Moody's gives A2 to University of Toledo bonds

Moody's Investors Service said it assigned an A2 rating to the $36 million series 2008A and $58.45 million series 2008B bonds issued by the University of Toledo, Ohio. The announcement corrects earlier information about the amount and debt structure of the bonds.

The outlook is stable.

The expected sale date is July 18.

Proceeds will be used to refund bond anticipation notes that were issued in May to refund the university's series 2002 variable-rate demand bonds, and to pay costs of issuance.

The series 2008A bonds will be fixed-rate and the series 2008B bonds will be variable-rate demand bonds supported by a letter of credit from JPMorgan Chase Bank NA (rated Aaa/P-1). Moody's said it does not expect to assign a rating to the bonds based on the letter of credit.

Moody's also affirmed its A2 underlying ratings on the university's $116.9 million of previously issued debt.

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