Moody's rates Port of Houston bonds Aa1

Moody's Investors Service said it assigned an Aa1 rating to the Port of Houston Authority's $275 million unlimited tax port refunding bonds, series 2008A.

The sale date was June 5.

Proceeds will refund outstanding commercial paper that funded port expansion and improvements, as well as the port's outstanding series 1998A bonds, for a net present value savings and no extension of maturity.

Moody's affirmed the Aa1 rating on the authority's $579 million of general obligation bonds that remain outstanding.

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