Moody's rates N.Y. housing bonds Aa1/VMIG1

Moody's Investors Service said it assigned a rating of Aa1/VMIG1 to the $60.35 million New York State Housing Finance Agency's 80 DeKalb Avenue housing revenue bonds, 2008 series A ($32.85 million) and 2008 series B ($27.5 million).

The rating is based upon the letter of credit provided by Wachovia Bank, NA, along with the structure and legal protections of the transaction, which ensures timely payment of debt service and purchase price to bondholders, Moody's said.

Moody's said it rates Wachovia Bank Aa1 for its long-term obligations and Prime-1 for its short-term obligations.

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