S&P rates Massachusetts Water bonds AA-

Standard & Poor's said it assigned an AA- long-term rating to Massachusetts Water Resources Authority's 2008 multi-modal subordinated general revenue refunding bonds dated May 29.

The bonds consist of $338.005 million series A bonds due 2037, $224.77 million series E bonds, $199.4 million series C bonds due 2026, $191.705 million series F bonds due 2029, $124.595 million series B bonds due 2031 and $83.615 million series D bonds due 2011.

The outlook is stable.

The agency affirmed the AA rating on the authority's outstanding senior-lien general revenue debt and its AA- underlying rating on outstanding subordinate-lien debt.

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