Moody's rates Middlebury College, Vt., bonds Aa2/VMIG 1

Moody's Investors Service said it assigned a rating of Aa2/VMIG 1 to Middlebury College's $55.339 million of series 2008 bonds to be issued through the Vermont Educational and Health Buildings Financing Agency.

Sale of the bonds is expected on April 1.

The tender feature of the bonds will be supported by a standby bond purchase agreement provided by TD Banknorth, NA. Moody's has affirmed the ratings on all of Middlebury's rated debt.

The outlook is stable.

Proceeds from the series 2008 bonds will be used for a current refunding of the outstanding series 2006B, which are in an auction-rate mode, and to pay costs of issuance.

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