Moody's raises Francis Howell School, Mo., bonds to Aa2

Moody's Investors Service said it upgraded Francis Howell R-III School District, Mo.'s underlying general obligation rating to Aa2 from Aa3, affecting $126.1 million of outstanding G.O. debt.

The upgrade was issued in conjunction with the district's sale of $26,815,000 of G.O. refunding bonds, series 2008. Those bonds will have an underlying rating of Aa2 and an enhanced rating of Aa1.

The enhanced rating is based on credit enhancement provided by the Missouri Direct Deposit Intercept Program, which is administered by the Missouri Health and Educational Facilities Authority.

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