Moody's rates Arizona stadium bonds Aaa/VMIG1

Moody's Investors Service said it assigned an Aaa/VMIG1 rating and A2 underlying rating to the Arizona Sports and Tourism Authority's $53.05 million of senior variable-rate demand revenue refunding bonds, series 2008.

Moody's said it also affirmed the A2 rating on the authority's outstanding parity obligations and the Baa1 rating on the outstanding subordinate tax revenue bonds, series 2003.

The current issue will refund all of the authority's outstanding insured senior-lien variable rate bonds. After the current offering, at least 17.1% of the authority's total debt will be in variable-rate mode.

The bonds are supported by a letter of credit from Allied Irish Banks plc, which is rated Aa2/P-1.

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