Moody's gives Aa2 to Metro Water District of SoCal bonds

Moody's Investors Service said it assigned an Aa2 rating with a stable outlook to the Metropolitan Water District of Southern California's water revenue refunding bonds, 2008 series B.

Sale of the $139 million 2008 series B bonds is expected on May 29.

Proceeds of the current offering will be used to refund a portion of the district's outstanding fixed-rate debt for debt service savings. Savings are expected to be taken on a level annual basis in nominal dollar terms.

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