Moody's rates Sacramento County, Calif., sanitation bonds Aaa/VMIG1

Moody's Investors Service said it assigned a rating of Aaa/VMIG1 to the $251.305 million Sacramento County Sanitation District Financing Authority, Calif.'s subordinate-lien variable-rate refunding revenue bonds, series 2008.

The bonds will be issued as five series, series 2008A, 2008B, 2008C, 2008D and 2008E, with series 2008A sized at $51.305 million and the four others each sized at $50 million.

Sale of the bonds is expected on June 11.

The series 2008A-D will each benefit from a separate letter of credit provided by Bank of America, NA for each series, and the series 2008E will benefit from a letter of credit provided by U.S. Bank, NA.

The bond proceeds will be used by the borrower to refund prior series 2004B bonds.

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