Moody's gives Aaa/VMIG1 to Indianapolis airport bonds

Moody's Investors Service said it assigned a rating of Aaa/VMIG1 to the Indianapolis Local Public Improvement Bond Bank variable-rate bonds, series 2008C (Indianapolis Airport Authority Project).

The issuer expects to sell $100 million each of 2008C-1 and C-2, $50 million of 2008C-3, $10 million of 2008C-4, $20 million each of 2008C-5 and C-6, and $50 million of 2008C-7 bonds, all on June 27.

The rating is based in part upon an insurance policy provided by Financial Security Assurance and a liquidity facility, in the form of a standby bond purchase agreement, provided by Dexia Credit Local. Moody's rates the bank's long-term and short-term obligations Aa1/P-1, respectively. FSA is rated Aaa by Moody's.

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