Moody's gives Alcoa, Tenn.-backed bonds A3

Moody's Investors Service said it assigned A3 rating to the Public Building Authority of Sevier County, Tenn.'s series IV-B-5 bonds.

The bonds are secured by loan agreement payments from the City of Alcoa, which are absolute and unconditional and are backed by the city's general obligation, unlimited tax pledge, the agency said.

Concurrently, Moody's said it affirms the A3 rating on City of Alcoa's $124.75 million of outstanding parity debt.

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