Moody's assigns Aaa to Ohio Housing bonds

Moody's Investors Service said it assigned an Aaa rating to the $85 million 2008 series F (non-AMT) and $13.75 million 2008 series G (AMT) residential mortgage bonds issued by the Ohio Housing Finance Agency and gave ratings of Aaa/VMIG1 to the $13.75 million 2008 series H (AMT) and $37.5 million 2008 series I federally taxable variable-rate demand bonds.

The expected sale date is Aug. 15.

Proceeds will be used to purchase mortgage-backed securities backed by pools of qualifying mortgage loans, refund certain obligations of the issuer, fund down payment assistance grants and pay costs of issuance.

Moody's also affirmed the Aaa rating of the $3.257 billion of outstanding parity bonds issued for the agency's residential mortgage revenue bonds program. The outlook is stable.

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