Moody's ups Pittsburgh G.O.s to Baa1

Moody's Investors Service said it assigned a Baa1 rating to the City of Pittsburgh's $72 million series 2008A general obligation refunding bonds and upgraded to Baa1 from Baa2 its rating on $697.2 million in parity debt outstanding. The outlook remains stable.

The expected sale date for the new issue is Aug. 7.

Proceeds will refund the city's series 1998D bonds for estimated net present value savings of $3.0 million, or about 4.2% of refunded principal.

The upgrade to a Baa1 is driven by an additional two fiscal years of operating surpluses and a projected third in 2008, resulting in increased reserves, Moody's said.

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