Moody's assigns Aa3 to Arizona State University bonds

Moody's Investors Service said it assigned an Aa3 underlying rating to Arizona State University's $104.7 million series 2008 system revenue refunding bonds.

The expected sale date is June 18. The bonds will be sold in two series, including 2008A for $52.405 million and 2008B for $52.32 million.

Moody's also affirmed the ratings on the university's outstanding debt, including the Aa3 rating on parity system revenue bonds and the A1 and A2 underlying ratings on certificates of participation. The outlook is stable.

Proceeds of the new bonds will be used to refund series 2003 insured variable-rate demand bonds.

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