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Moody's gives Tempe, Ariz., bonds underlying Aa1
Moody's Investors Service said it assigned an underlying Aa1 rating with a stable outlook to the City of Tempe, Ariz., general obligation bonds, series 2008A, totaling $66.365 million.
Sale of the bonds is expected on June 5.
Moody's also affirmed the city's Aa1 G.O. bond rating as well as the Aa2 rating on the city's general excise tax, certificate of participation and performing arts center excise tax bonds.
About $50 million of the bonds will finance water and sewer infrastructure improvements and are expected to be paid from utility net revenues. The remainder of the bond proceeds will finance street and public safety improvements.
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