MOODY'S ASSIGNS Aa3 RATING TO LOUISVILLE/JEFFERSON COUNTY METRO GOVERNMENT PARKING AUTHORITY OF RIVER CITY (KY) SERIES 2010A AND B REVENUE BONDS

Posted on: December 24, 2009, 11:16 am

NEW YORK, Dec 24, 2009 -- Moody's Investors Service has assigned a Aa3 rating to the Louisville/Jefferson County Metro Government Parking Authority of River City Inc. $1.9 million First Mortgage Revenue Bonds, Series 2009A and $16.4 million First Mortgage Revenue Bonds, Series 2010A. Concurrently, Moody's has affirmed the Aa3 rating on $97 million of parity debt (including the current issue) and the Aa2 rating of Louisville/Jefferson County Metro Government (Metro), affecting $336 million of general obligation debt. The bonds are ultimately secured by Metro's obligation to make lease revenue payments equal to debt service, subject only to appropriation. The rating reflects satisfactory legal provisions and Metro's underlying credit quality, which includes a satisfactory financial position that is expected to be maintained despite pressures associated with current economic conditions, low debt burden and sizable taxbase...

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