Moody's gives Aaa scale rating to Michigan school loan bonds

Moody's Investors Service said it assigned a global scale rating of Aaa to the Michigan Municipal Bond Authority's approximately $560 million of school loan revolving revenue and refunding bonds, series 2008A (federally taxable).

Separately, Moody's assigned Aa2/VMIG 1 ratings to the series 2008A bonds.

The series 2008A bonds will be issued in four sub-series: $160 million of series 2008A-1 weekly rate bonds, $100 million of series 2008A-2 term rate bonds, $150 million of series 2008A-3 term rate bonds and $150 million of series 2008A-4 term rate bonds.

Sale of the bonds is expected on March 20.

The outlook is stable.

The short-term portions of the ratings are based on standby bond purchase agreements from Depfa Bank plc.

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