Moody's gives Aaa/VMIG1 to Houston utility bonds

Moody's Investors Service said it assigned an Aaa/VMIG1 rating to the City of Houston's combined utility system first-lien revenue refunding bonds series 2008A.

The issue includes $200 million of series 2008A-1 and $49.075 million of series 2008A-2.

Sale of the bonds is expected on May 8. They will refund the city's combined utility system first-lien revenue refunding bonds series 2004C-2C and 2004C-2D and half of its 2004C-2E.

The rating reflects an irrevocable, direct-pay letter of credit from the Bank of America, which is rated Aaa/P-1.

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