Moody's rates Troy, N.Y.'s Rensselaer bonds Aaa/VMIG 1

Moody's Investors Service said it assigned an Aaa/VMIG 1 rating to the City of Troy Industrial Development Authority, N.Y.'s facility revenue bonds (Rennselaer Polytechnic Institute Project), series 2008A and series 2008B.

There is $50 million of the series 2008A bonds and $40 million of the series 2008B bonds.

The rating is based on two irrevocable direct pay letters of credit provided by Bank of America, NA. The bank has a long-term rating of Aaa with a stable outlook and a short-term rating of Prime-1.

Morgan Stanley & Co. is the underwriter.

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