Moody's assigns A1 to Sacramento County, Calif., sanitation bonds

Moody's Investors Service said it assigned an A1 rating and negative outlook to the $251.3 million Sacramento County Sanitation District Financing Authority subordinate-lien variable-rate refunding revenue bonds, series 2008A-E (Sacramento Regional County Sanitation District).

On June 10, the district expects to sell $50 million each of the series 2008A-E bonds.

At the same time Moody's affirmed the A1 rating on the district's approximately $100 million outstanding parity subordinate debt. The Aa3 rating on the district's approximately $1.1 billion senior obligations also was affirmed.

The outlook on the district's debt has been changed to negative from stable. This change was occasioned by the district's weak financial results, both current and projected, Moody's said.

The current issue will refund in its entirety the district's outstanding series 2004B.

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