MOODY'S ASSIGNS Aa2 RATING WITH STABLE OUTLOOK TO CINCINNATI PUBLIC SCHOOLS' (OH) SERIES 2010 SCHOOL ENERGY CONSERVATION IMPROVEMENT BONDS AND SCHOOL IMPROVEMENT REFUNDING BONDS, AND ASSIGNS MIG 1 RATING TO SCHOOL IMPROVEMENT BANS

Posted on: May 11, 2010, 11:33 am

NEW YORK, May 11, 2010 -- Moody's Investors Service has assigned a Aa2 rating with a stable outlook to the Cincinnati Public School District's (OH) $22.3 million School Energy Conservation Improvement Bonds (Federally Taxable Qualified School Construction Bonds - Direct Payment), Series 2010, and $102.8 million School Improvement Refunding Bonds, Series 2010 (Limited Tax General Obligation). Moody's also assigns a MIG 1 rating to the district's $13.8 million School Improvement Bond Anticipation Notes, Second (2010) Renewal (Limited Tax General Obligation). Concurrently, Moody's affirms the Aa2 rating with a stable outlook on the district's outstanding general obligation unlimited tax (GOULT) debt and general obligation limited tax (GOLT) debt. The Cincinnati Public School District has $409.2 million of outstanding long term GOULT debt and $190.4 million of outstanding long term GOLT debt, including the current bonds. Proceeds of the Series 2010 School Energy Conservation Improvement Bonds will finance energy conservation capital improvements at district facilities. Proceeds of the Series 2010 School Improvement Refunding Bonds will redeem outstanding bond anticipation notes and will advance refund certain outstanding maturities of the district's Series 2002 School Improvement Bonds. Proceeds of the Series 2010 Bond Anticipation Notes will redeem outstanding bond anticipation notes. A negotiated sale is scheduled for May 13, 2010 for the Energy Conservation Improvement Bonds. At that time, officials will sell either the School Improvement Refunding Bonds, Series 2010 or the School Improvement Bond Anticipation Notes, Second (2010) Renewal, depending on market conditions and whether the refunding portion of the bond offering nets economic savings for the district. The outstanding bond anticipation notes that will be retired with proceeds of either through the bond or note offering mature May 26, 2010...

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