Moody's gives underlying Aa3 to Integris, Okla., bonds

Moody's Investors Service said it assigned an Aa3 underlying rating to Integris Obligated Group's $101.4 million of series 2008A-1 and series 2008A-2 bonds to be issued by the Oklahoma Development Finance Authority.

The issue includes $50.73 million of series 2008A-1 and $50.73 million of series 2008A-2. They will be insured by Assured Guaranty and supported by standby bond purchase agreements (SBPA) from JPMorgan Chase.

Moody's said it expects the bonds to be rated Aaa/VMIG1

Moody's also said it affirmed the Aa3 underlying ratings on Integris' $149 million of series 2007A bonds, insured by Assured Guaranty, which are being converted to variable-rate demand obligations from auction-rate securities.

Series 2007A includes $49.2 million of series 2007A-1, supported by an SBPA from KBC Bank; $49.8 million of series 2007A-2, with an SBPA from KBC; and $52.9 million of series 2007A-3, with an SBPA from JPMorgan Chase.

The series 2007A-1, A-2 and A-3 bonds are expected to be rated Aaa/VMIG1

Finally, Moody's affirmed its Aa3 rating on $426 million of Integris' debt to be outstanding.

The outlook is stable.

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