Moody's gives A1 rating to Hazleton, Pa., school district bonds

Moody's Investors Service said it assigned an A3 underlying and an A1 enhanced rating to Hazleton Area School District, Pa.'s $24.35 million of general obligation bonds, series of 2008, which are slated for sale on Feb. 27.

The A1 enhanced rating is based on additional security for the bonds provided by the Commonwealth of Pennsylvania's Act 150 School District Intercept Program.

At the same time, Moody's downgraded to A3 from A2 the underlying rating on the district's approximately $30.8 million of outstanding parity debt.

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