Moody's rates Route 28 transportation bonds Aa3

Moody's Investors Service said it assigned an Aa3 rating to the Fairfax County Economic Development Authority, Va.'s $51 million series 2008 transportation contract revenue bonds issued for the Route 28 Highway Transportation Improvement District.

The expected sale date is July 8.

Moody's also affirmed the rating on about $129 million in outstanding parity debt, which is based on the Aaa ratings of Fairfax and Loudoun counties.

Proceeds of the 2008 issue will finance the construction of the final four interchanges along the Route 28 corridor, a major transportation artery near Washington Dulles International Airport.

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