Moody's rates Worcester Polytechnic, Mass., bonds Aaa/VMIG1

Moody's Investors Service said it assigned ratings of Aaa/VMIG1 to Massachusetts Development Finance Agency's variable-rate demand revenue bonds (Worcester Polytechnic Institute project), $48.995 million of series 2008A and $5.82 million of series 2008B (taxable).

Sale of the bonds is expected on April 8.

The ratings are based on irrevocable direct-pay letters of credit provided by TD Banknorth, NA.

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