Moody's rates Aurora, Colo., COPs underlying Aa3

Moody's Investors Service said it assigned an underlying Aa3 rating with a stable outlook to the City of Aurora, Colo.'s $68.655 million adjustable-rate refunding certificates of participation (COPs), series 2008A, to be issued through Aurora Capital Leasing Corp.

Sale of the series 2008A COPs is expected on May 12.

At this time, Moody's said it affirmed the city's Aa2 general obligation bond rating as well as the Aa3 rating on the parity COPs net of the refunding (series 2004, 2005, 2006A-1), the Aa3 rating on the general fund bonds, series 1999, and the A1 rating on the equipment lease certificates, series 2002.

The current offering will fully retire the city's outstanding variable-rate demand certificates, series 2006A-2, which were insured by FGIC.

The outlook on the city's long-term obligations is stable.

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