Moody's gives enhanced Aa1 to Anderson County school bonds

Moody's Investors Service said it assigned an Aa1 enhanced rating to Anderson County School District No. 5's $77 million series 2008 general obligation bonds, based on additional security provided by the South Carolina School District Credit Enhancement Program.

Expected sale date is June 18.

Proceeds will finance land acquisition, facility construction and equipment purchases for two new middle schools and one new elementary school, in addition to renovations and improvements at existing facilities.

Moody's affirmed the district's A2 underlying rating, which applies to $12.5 million in parity bonds outstanding. The outlook is stable.

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