Moody's rates DePauw University, Ind., bonds A2

Moody's Investors Service said it assigned an underlying A2 rating to DePauw University's $42.2 million of variable-rate demand educational facilities revenue bonds, series 2008A, and $42.3 million of variable-rate demand educational facilities revenue bonds, series 2008B, issued through the Indiana Finance Authority.

The outlook is stable.

The bonds are expected to sell on April 30. They will be backed by letters of credit from Northern Trust Co. for series 2008A and from Harris NA for series 2008B.

Enhanced ratings based on the letters of credit will be issued separately, Moody's said.

Moody's also said it affirmed the A2 rating on the university's outstanding parity debt.

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