Moody's rates Ft. Lauderdale, Fla., airport bonds Aa3

Moody's Investors Service said it assigned an Aa3 underlying rating to Broward County, Fla.'s $104 million airport system revenue refunding bonds, series 2008N, issued for Fort Lauderdale-Hollywood International Airport.

The expected sale date is July 2. The outlook is stable.

Proceeds will be used to refund $102 million series 2004M auction-rate securities, which due to market uncertainty experienced a brief interest rate increase to 12% in February 2008. Interest rates have subsequently returned to historic levels of 3% to 4%.

Moody's also affirmed its A1 rating on the enterprise's $132.8 million outstanding passenger facility charge revenue bonds.

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