Moody's rates Tufts University, Mass., bonds Aa2/VMIG 1

Moody's Investors Service said it assigned a Aa2/VMIG 1 rating to Tufts University's $86.4 million series N-1 and $54.2 million series N-2 bonds to be issued through the Massachusetts Health and Educational Facilities Authority and revised the rating on the series G bonds, also issued through authority, to Aa2/VMIG 1 from Aa2 upon conversion from auction-rate mode to variable-rate mode.

The bonds were expected to be sold on March 26.

The short-term rating on the series N-1 bonds is supported by a standby bond purchase agreement from JPMorgan Chase Bank, NA (rated Aaa/P-1), and the short-term rating on the series N-2 and series G bonds is supported by an standby bond purchase agreement from the Bank of America, NA (rated Aaa/P-1).

Moody's said it also is affirming the Aa2 long-term rating for debt issued by Tufts University

Proceeds of the series N-1 and series N-2 bonds will be used to refund the university's series K and series L bonds, which are currently in an auction-rate mode.

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