Moody's lifts Nassau County, N.Y., sewer bonds to A1

Moody's Investors Service said it assigned an A1 rating to the Nassau County Sewer and Storm Water Finance Authority, N.Y.'s $136.8 million of system revenue bonds, 2008 series A.

At this time, Moody's also said it upgraded the rating on the authority's outstanding debt to A1 from A2, affecting $161.4 million of parity debt, post refunding.

The upgrade reflects improved financial flexibility from the expiration of a rate freeze at the end of fiscal 2007 and a reduction in the allowable use of reserves to fund debt service beginning in fiscal 2008.

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