Moody's rates Oakland University bonds Aaa/VMIG1

Moody's Investors Service said it assigned a rating of Aaa/VMIG1 to the Board of Trustees of Oakland University's general variable-rate demand refunding bonds, series 2008.

Sale of the $55 million bond offering was expected on June 20.

The long-term rating reflects Moody's approach to rating jointly supported transactions and is based upon a letter of credit provided by Allied Irish Banks plc; the structure of the transaction; and Moody's evaluation of the creditworthiness of the bank issuing the letter of credit and Oakland University.

Moody's rates the bank Aa2 for long-term deposits and P-1 for short-term deposits. The rating for Oakland University is A2.

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