Moody's gives A3 to Marion County bonds

Moody's Investors Service said it assigned an initial A3 rating to the $156 million series 2008 adjustable-rate excise taxes lease rental revenue refunding subordinate bonds issued by Marion County Convention and Recreational Facility Authority, Ind.

Moody's also assigned the A3 rating to the Indianapolis Local Public Improvement Bond Bank's series 2007C issuance, which has a parity claim on the pledged revenues.

Proceeds will refund maturities 2022 and 2027 of the authority's outstanding series 1997A excise taxes lease rental revenue subordinate bonds.

Moody's expects to assign a short-term rating based on its review of the standby bond purchase agreement to be provided by Dexia Credit Local.

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