Moody's rates Austin school bonds Aa1

Moody's Investors Service said it assigned an Aa1 underlying rating to the Austin Independent School District, Texas' $100 million series 2008 unlimited tax refunding bonds and upgraded to Aa1 from Aa2 the underlying rating for the district's $608.43 million in outstanding parity debt.

The expected sale date is June 23.

The rating actions are based on the district's sizable tax base and healthy socioeconomic profile, growing enrollment, positive trends in reserve levels, and a relatively favorable debt profile complimented by swift amortization, Moody's said.

Proceeds from the 2008 bonds will be used to redeem commercial paper notes issued for capital projects.

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