Moody's gives Aa3 to University of Louisville bonds

Moody's Investors Service said it assigned an Aa3 underlying rating with a stable outlook to the University of Louisville's $88.045 million of general receipts bonds, 2008 series A.

Sale of the bonds is expected on July 8.

Moody's also affirmed the previously assigned ratings backed by the university. Moody's is also assigning an Aa3 enhanced rating with negative outlook to the 2008 series A bonds based on the Kentucky Public University Intercept Program.

Bond proceeds will be used for capital projects, including the construction of the Health Science Center garage, renovation and expansion of the School of Dentistry and a portion of the cost of renovation for the Clinical and Translational Research Building.

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