Moody's rates Portland, Ore., urban renewal bonds Aa3

Moody's Investors Service said it assigned an Aa3 rating and stable outlook to the City of Portland, Ore.'s $64 million South Park Blocks urban renewal and redevelopment bonds, 2008 series A ($35.385 million) and series B ($28.6 million).

The expected sale date is June 25.

Proceeds will be used to provide long-term financing for projects in the city's South Park Blocks urban renewal area and to refund outstanding bonds for debt service savings and restructuring.

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