Moody's gives N.Y.C. water bonds Aa3

Moody's Investors Service said it assigned an Aa3 rating to New York City Municipal Water Finance Authority's $333.09 million water and sewer system second general resolution revenue bonds, fiscal 2009 series AA.

The expected sale date is July 15.

Proceeds will be used to refund the fiscal 2008 series CC auction-rate bonds.

In addition, Moody's affirmed its Aa2 rating on the authority's $10.8 billion outstanding first general resolution revenue bonds and Aa3 rating on its $8.2 billion outstanding second general resolution revenue bonds. The outlook is stable.

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