Moody's gives underlying A3 to Babson College, Mass.

Moody's Investors Service said it assigned an A3 underlying rating to Babson College's $66.315 million of series 2008A and B variable-rate demand revenue bonds to be issued through the Massachusetts Development Finance Agency.

The issue includes $36.475 million of series A and $29.84 million of series B. They are expected to sell on April 15.

Moody's said it expects the bonds to be supported by a letter of credit from RBS Citizens, NA, and a rating based on that bank will be assigned later.

Moody's also said it affirmed the A3 underlying ratings on the college's previously issued debt.

The outlook is stable.

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