Moody's rates Pasco County, Fla., school COPs A2

Moody's Investors Service said it assigned an A2 underlying rating to Pasco County School Board, Fla.'s $89.805 million certificates of participation (COPs), series 2008A.

Sale of the COPs is expected on May 28.

The A2 rating affects $367.3 million in COPs outstanding under the master lease, including the current offering.

Moody's also affirmed the A1 issuer rating on the school district.

Proceeds of the series 2008A COPs will be used to refund the outstanding series 1996 COPS and to pay the termination payment relating to the series 1996 swap agreement with Ambac (rated Aaa/negative outlook).

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