Moody's rates Hidalgo County, Texas, drainage district bonds Aa3

Moody's Investors Service said it assigned an Aa3 rating to Hidalgo County Drainage District #1, Texas' $72 million unlimited tax improvement bonds, series 2008, and upgraded to Aa3 from A1 the rating on the district's $18 million in outstanding parity debt.

The bonds are secured by an ad valorem tax levied by the district without limit as to rate or amount on all taxable property within the district.

Sale of the bonds is expected on April 11.

Proceeds from the bonds will be used to complete drainage projects.

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