Moody's rates University of South Carolina bonds Aa3

Moody's Investors Service said it assigned an Aa3 rating to the University of South Carolina's $66.68 million higher education revenue bonds, series 2008A. The outlook is stable.

The bonds are expected to price on April 7.

At the same time Moody's also affirmed the Aa3 underlying ratings on the university's $129 million outstanding revenue bonds, parking facility revenue bonds and athletic facilities revenue bonds.

Moody's also maintains Aaa ratings on the outstanding state institution bonds issued by the state for projects at USC and secured by the state's general obligation pledge.

Proceeds will be used to fund the costs of construction of a new 538-bed honors college dormitory at the Columbia campus, to pay for land acquisition for and construction of a 300-bed student housing facilities on USC's Aiken campus and to pay costs of issuance.

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