Moody's rates Orange County Performing Arts bonds Aaa/VMIG1

Moody's Investors Service said it assigned a rating of Aaa/VMIG1 to the $90 million series A and $90 million series B variable-rate revenue bonds issued for Orange County Performing Arts Center by the California Infrastructure and Economic Development Bank and a rating of Aa2/VMIG1 to the $60 million series 2008C.

The expected sale date was July 1.

Ratings are based on letters of credit from Bank of America NA for series 2008A, Wells Fargo Bank NA for series 2008B and Allied Irish Banks, plc for series 2008C.

Moody's rates Bank of America and Wells Fargo Aaa for long-term obligations and rates Allied Irish Banks Aa2. All three banks are rated P-1 for short-term obligations.

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