Moody's gives A3 to Harrisburg Authority bonds

Moody's Investors Service said it assigned an initial A3 rating to the $68.365 million 2008 series water refunding bonds issued by Harrisburg Authority, Pa.

Proceeds will be used to refund the authority's series 2003A variable-rate bonds and finance the termination of two fixed-payer swaps with Aa2-rated Societe Generale (currently estimated at $9.1 million) related to the series 2003A bonds. The refunding will result in the extension of maturity by two years to 2031, reflecting the amortization of the termination payment.

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