Moody's assigns A2 to Wayne County Airport bonds

Moody's Investors Service said it assigned an A2 rating to the series 2008B-D airport revenue refunding bonds issued by the Wayne County Airport Authority, Mich.

The expected sale date is June 30 for series 2008B ($201.25 million), series 2008C ($93 million) and 2008D ($41.2 million).

Moody's also affirmed the A2 rating on the authority's parity senior-lien revenue bonds and the A3 rating on the authority's junior-lien bonds issued earlier this year. The outlook is stable.

The rating is based on letters of credit provided by Landesbank Baden-Wurttemburg (series 2008B) and Wachovia Bank, NA (series C-D).

Proceeds of the 2008B bonds will refund all outstanding series 2003A senior bonds. The 2008 C&D bonds will refund all outstanding series 2003B&C and series 2004 senior bonds.

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