Moody's rates Portland water system bonds Aa1

Moody's Investors Service said it assigned an Aa1 rating to the $79.015 million 2008 series A first-line water system revenue refunding bonds issued by the City of Portland, Ore.

The expected sale date is July 29.

Moody's affirmed the Aa1 rating on the system's approximately $127.29 million of outstanding parity first-lien bonds and the Aa2 rating on its $67.45 million outstanding second-lien bonds.

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