Moody's rates Stonehill College bonds underlying A2

Moody's Investors Service said it assigned an A2 underlying rating to Stonehill College's $68.8 million of variable-rate demand revenue bonds, series K (2008), issued through the Massachusetts Health & Educational Facilities Authority.

The notes are expected to be sold on April 2.

At this time, Moody's has also affirmed the A2 rating on the college's outstanding series H (2003) bonds. The series K (2008) bonds will be supported by an irrevocable direct pay letter of credit issued by Bank of America, NA, and Moody's said it expects to assign a rating to the bonds based on the letter of credit upon review of the documents. The outlook is stable.

Bond proceeds will be used to refund the outstanding amounts of the series G (1998), I (2006), and J (2007) bonds and to pay certain costs of issuance.

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