Moody's rates Michigan environmental bonds Aa3

Moody's Investors Service said it assigned an Aa3 rating with stable outlook to Michigan's planned issuance of environmental program general obligation bonds in four series.

The issue includes $200.56 million of series 2008A (tax-exempt) bonds, $19.355 million of series 2008B (federally taxable) bonds, $13,057,822 of series 2008C (tax-exempt) bonds and $1.41 million of series 2008D (federally taxable) bonds.

Sale of the series 2008A and 2008B bonds is expected on April 8; sale of the 2008C and 2008D bonds is expected on April 23.

Moody's also said it affirmed the Aa3 rating on the state's outstanding $1.46 billion of G.O. debt and the ratings on the state's approximately $3.5 billion of lease obligations.

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