Moody's rates Muhleberg College, Pa., bonds A1

Moody's Investors Service said it assigned an underlying rating of A1 to Muhlenberg College, Pa.'s $56.485 million of revenue bonds, series of 2008, to be issued by the Lehigh County, Pa., general purpose authority.

The bonds will be backed by a letter-of-credit facility with Bank of America, and Moody's said it will publish a rating based on the letter of credit shortly.

The outlook is stable.

At the same time, Moody's said it affirmed the A1 rating on the college's prior bonds, including the series 1997 bonds that will mature on Aug. 1, 2008.

Sale of the 2008 bonds is expected on April 8.

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