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Moody's gives Aaa/VMIG1 to New Mexico education loan bonds
Moody's Investors Service said it assigned an Aaa/VMIG1 rating to the $436 million series 2008A-1, 2008A-2, 2008A-3, 2008A-4 and 2008A-5 education loan bonds issued by the New Mexico Educational Assistance Foundation.
The rating is based on letters of credit provided by Bank of America NA (for series 2008A-1 and 2008A-4), Royal Bank of Canada (for series 2008A-2 and 2008A-5) and Lloyds TSB Bank plc (for series 2008A-3). Moody's currently rates all of the banks Aaa/P-1 for their long-term and short-term debt. Moody's assigned an underlying long-term rating of Aaa to the series 2008 bonds.
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