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Moody's assigns Baa2 rating to Houston YMCA bonds
Moody's Investors Service said it assigned a Baa2 underlying rating to the YMCA of Greater Houston's $200 million of revenue bonds, series 2008A-E, to be issued through the Harris County Cultural Education Facilities Finance Corp. The outlook is stable.
The expected sale date is June 25 for series 2008A ($75 million), 2008B ($50 million) and series 2008C-E ($25 million each).
The bonds are expected to be supported by letters of credit from five different banks, and Moody's will assign a rating to the bonds based on that support.
Proceeds will finance capital improvements, fund a debt service reserve and pay costs of issuance, including the termination payment on a hedge agreement. Proceeds will also refinance the YMCA's series 1999 and 2002 bonds.
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