Moody's gives A1 to Case Western, Ohio, bonds

Moody's Investors Service said it assigned an A1 underlying rating to Case Western Reserve University's series 2008 A, B-1 and B-2 variable-rate demand bonds, which will be supported by letters of credit.

Moody's also assigned an A1 rating to Case's series 2008 C fixed-rate bonds. The series 2008 bonds will be issued through the Ohio Higher Educational Facility Commission.

The university expects to issue $60 million series A, $33.75 million series B-1, $33.75 million series B-2 and $52.82 million series C bonds on May 21.

Moody's has also affirmed its ratings on the university's rated bonds and commercial paper program. The university's outlook remains stable.

Proceeds will be used to refund series 2004 auction-rate bonds.

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