Moody's rates Montgomery County bonds A1, ups existing debt

Moody's Investors Service said it assigned an A1 rating to the Industrial Development Authority of Montgomery County, Va.'s $77 million series 2008 lease revenue bonds and upgraded its rating on the authority's existing debt.

The expected sale date for the series 2008 bonds is Aug. 7.

Moody's upgraded the authority's long-term general obligation bond rating to Aa3 from A1, affecting about $1.7 million of outstanding debt. In addition, Moody's upgraded $45.65 million lease revenue bonds to A1 from A2 and $6.3 million lease bonds to A2 from A3.

The upgrade to Aa3 reflects growth and diversification in the county's tax base and continued strong financial management, Moody's said. The A1 lease-bond rating reflects the essential nature of the financed projects, including two schools, a courthouse, jail and land acquisition. The bonds upgraded to A2 funded less essential projects.

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