Moody's rates Tennessee BANs MIG1

Moody's Investors Service said it assigned a MIG1 rating to the Tennessee Local Development Authority's $57 million state loan programs revenue bond anticipation notes (BANs), 2008 series A.

The expected sale date is June 20.

Most of the proceeds will be used to retire the authority's series 2007 BANs; the majority of the remaining $3.93 million will fund loans to the Metropolitan Government of Nashville and Davidson County (rated Aa2 with a negative outlook).

Moody's also affirmed the Aa3 rating on the authority's $56.25 million of long-term debt.

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