Moody's rates North Harris County water bonds A3

Moody's Investors Service said it assigned an A3 rating to the $241 million series 2008 senior-lien revenue bonds issued by the North Harris County Regional Water Authority, Texas.

The expected sale date is Aug. 1.

Moody's affirmed the A3 rating on the authority's $223.6 million of outstanding parity debt.

Proceeds will finance the remaining infrastructure necessary for the 2010 groundwater conversion, the first phase of infrastructure needed for the 2020 conversion, the purchase of raw water rights from the City of Houston and construction of treatment capacity.

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