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Moody's rates San Diego pension bonds Aa3/VMIG1
Moody's Investors Service said it assigned Aa3/VMIG1 ratings to San Diego County, Calif.'s $100 million series 2008B taxable pension obligation bonds. The outlook is stable.
The expected sale date is Aug. 5.
Proceeds will be used, along with those of the recently issued series 2008A, to refund the county's outstanding 2002 series B-1 through B-4 auction-rate securities.
The short-term rating is based on a standby bond purchase agreement from Landesbank Baden Wurttemberg, rated Aa1/P-1 by Moody's.
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