Moody's assigns Aa1 rating to Washington state G.O.s

Moody's Investors Service said it assigned an Aa1 rating to the state of Washington's general obligation bonds in conjunction with the upcoming sale of $495.505 million series 2009A G.O. bonds, $260 million series 2009B motor vehicle fuel tax G.O. bonds and $70.585 million series 2009T taxable G.O. bonds.

The expected sale date is July 9. The outlook is stable.

Proceeds of the series 2009A bonds will be used to fund capital projects, the series 2009B bonds will fund transportation projects and the series 2009T will fund some taxable projects.

Moody's also affirmed the Aa1 rating on the state's outstanding $13 billion in G.O. bonds and the Aa2 rating on the state's outstanding $680 million certificates of participation.

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