Moody's rates Orange County Sanitation, Calif., COPs Aa3

Moody's Investors Service said it assigned an Aa3 rating to the Orange County Sanitation District, Calif., refunding certificates of participation (COPs), series 2008A, in the amount of $80.255 million.

Sale of the COPs was expected on May 22.

The current issue will refund the district's refunding COPs, 1992 series, outstanding in the amount of $77.3 million, and fund the approximately $6 million cost of terminating the district's swap associated with the 1992 issue.

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