Moody's gives Aaa/VMIG1 to Rice University, Texas, bonds

Moody's Investors Service said it assigned Aaa/VMIG1 ratings to Rice University's $200 million of revenue bonds, series 2008 A&B, issued through the City of Houston Higher Education Finance Corp.

Sale of the bonds is expected on June 4.

Moody's also affirmed the existing ratings on the university's previously issued debt. The outlook remains stable.

Bond proceeds will be used to finance the construction of two new residential colleges, construction of and tenant improvements for the portion of the new Collaborative Research Center to be occupied by the university, and construction of off-campus housing and a utility plant. Proceeds will also be used to refund $28.8 million of outstanding commercial paper notes and to pay costs of issuance.

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