Moody's gives Aa3 to N.Y.C. Municipal Water bonds

Moody's Investors Service said it assigned an Aa3 rating to New York City Municipal Water Finance Authority's $150 million fiscal 2009 series CC water and sewer system second general resolution revenue bonds. The outlook is stable.

The expected sale date is July 31.

Proceeds of the fixed-rate bonds will permanently finance a portion of the authority's outstanding commercial paper notes.

The authority also plans to issue $350 million of variable-rate bonds on Aug. 7.

Moody's affirmed its Aa3 rating on the authority's $8.2 billion outstanding second general resolution revenue bonds.

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