Moody's rates Philadelphia airport parking bonds A2

Moody's Investors Service said it assigned an A2 rating to the Philadelphia Parking Authority's $54.7 million airport parking revenue refunding bonds, series of 2008.

The expected sale date is June 23.

Proceeds will refund the series 1997 and portions of the series 1998 airport parking revenue bonds for a net present value savings of 5.1%.

Moody's also upgraded to A2 from A3 the rating on $138.47 million in previously issued parity debt.

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