Moody's rates Florida Keys water bonds A2

Moody's Investors Service said it assigned an A2 underlying rating to the Florida Keys Aqueduct Authority's $52.63 million water revenue refunding bonds, series 2008.

The expected sale date is June 12.

Moody's also affirmed the A2 rating on $81.6 million in outstanding parity debt.

Proceeds from the new issue will be used to refund the authority's variable-rate water revenue bonds, series 2006. The refunding bonds will be backed by a letter of credit from TD Bank (rated P 1/Aa2).

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