Moody's rates Los Angeles school COPs Aaa/VMIG1

Moody's Investors Service said it assigned a rating of Aaa/VMIG1 to the Los Angeles Unified School District's $97.555 million series 2008A and $23.41 million series 2008B refunding certificates of participation.

The expected sale date is Aug. 6.

The rating is based on a letter of credit provided by Bank of America NA, which Moody's rates Aaa for long-term obligations and Prime-1 for short-term obligations. Moody's maintains an underlying rating of A2 on the certificates.

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