S&P rates Wilmington bonds AA-

Standard & Poor's said it assigned an AA- long-term rating to Wilmington, Del.'s $72.9 million series 2008A and 2008B general obligation bonds and affirmed the city's AA- underlying rating.

The outlook is stable.

The bonds are due Dec. 1, 2028.

Proceeds of the series 2008A bonds will be used for capital projects and to refund the city's series 2007 bond anticipation note and its series 2006B variable-rate demand bonds. The series 2008B bonds will be used to refund the city's series 1996B alternative minimum tax bonds.

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