Moody's rates Wilmington, Del., G.O. bonds A1

Moody's Investors Service said it assigned an A1 rating to the City of Wilmington, Del.'s $75.475 million general obligation bonds, series 2008A.

The expected sale date is June 12.

Moody's also affirmed the A1 rating on the city's $207 million in previously issued general obligation debt.

The 2008A bonds will finance the city's ongoing capital plan, prepay the city's outstanding variable rate debt, and refinance series 1996A bonds for an estimated net present value savings of 8.8% of refunded principal.

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