Moody's rates Austin electric bonds A1

Moody's Investors Service said it assigned an A1 rating to Austin, Texas' $175 million series 2008A electric utility system revenue refunding bonds.

The bonds are scheduled to sell July 24.

The outlook is positive.

Moody's also affirmed the A1 rating on Austin's outstanding $1.05 billion electric system bonds and $523.983 million outstanding Combined Utility System's prior first-lien and subordinate-lien bonds.

The current offering will refund outstanding commercial paper that was issued for the utility's capital improvement program and will restore available capacity under its commercial paper program for future capital improvements.

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