Moody's rates Texas student loan bonds Aa1

Moody's Investors Service said it assigned Aa1 ratings to the State of Texas' general obligation college student loan bonds, series 2008A, and general obligation college student loan refunding bonds, series 2008B and 2008C, issued through the Texas Higher Education Coordinating Board in the amounts of $73.985 million, $28.04 million and $45.72 million, respectively.

Sale of the 2008A and 2008B bonds is expected on May 27, and sale of the 2008C bonds is expected on June 9.

Proceeds of the series 2008A bonds will be used by the board to provide new money to make student loans. Proceeds of the series 2008B bonds will refund certain maturities of the board's series 1997, 1999, 2000 and 2002 bonds, and the series 2008C bonds will refund all outstanding maturities of the series 1994, 1995 and 1996 bonds, both to provide liquidity for additional student loans.

The outlook is stable.

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