Moody's gives A2 rating to N. Texas Tollway bonds

Moody's Investors Service said it assigned an A2 rating to the North Texas Tollway Authority's $124.6 million first-tier revenue refunding bonds, series 2008 G.

The outlook is stable.

The expected sale date is June 30.

The bonds are expected to be issued as first-tier put bonds with a mandatory tender date of Jan. 1, 2010. Proceeds will fully refund the 2003 B tender bonds, which have a mandatory tender date of July 1, 2008.

Moody's affirmed its A2 ratings on the authority's outstanding first-tier debt. The authority also expects to issue about $1 billion as second-tier debt, which is rated A3 by Moody's. Issuance of the second-tier bonds was temporarily postponed but is scheduled to price around July 10.

Additionally the authority expects to issue $1.06 billion in first-tier, variable-rate demand bonds to complete its refunding of its outstanding bond anticipation notes, after issuance of the second-tier bonds, Moody's said.

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