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Moody's rates Houston YMCA bonds Aaa/VMIG1
Moody's Investors Service said it assigned a rating of Aaa/VMIG1 to the $200 million series 2008A-E revenue bonds issued by the Harris Cultural Education Facilities Finance Corp. for the Young Men's Christian Association of the Greater Houston Area.
Series 2008A will include $75 million in bonds, series 2008B will include $50 million and the remaining series will include $25 million each.
The expected sale date is July 9.
The ratings are based on letters of credit from JPMorgan Chase Bank NA (rated Aaa for long-term obligations) for series 2008A, Allied Irish Bank (AA2) for series 2008B, Bank of America (Aaa) for series 2008C, Compass Bank (Aa3) for series 2008D and Regions Bank (A1) for series 2008E. All the banks are rated Prime-1 for short-term obligations by Moody's.
Moody's currently maintains an underlying rating of Baa2 on YMCA of Greater Houston.
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