MOODY'S ASSIGNS Aa1 RATING TO $76.9 MILLION OF STATE OF MISSOURI COPS

Posted on: May 9, 2011, 10:05 am

NEW YORK, May 9, 2011 -- Moody's Investors Service has assigned a Aa1 rating to the State of Missouri's $76.9 million Refunding Certificates of Participation, Series A 2011. Proceeds of the sale, scheduled to price on May 11, will be used to refund the state's Series 2005A certificates, which refunded certificates issued to finance improvements at three state psychiatric facilities and a maximum security correctional facility. The state will take the refunding savings upfront, providing $30 million of budgetary relief in fiscal 2012, but will also shorten the life of the debt by six months with expected 7.9% present value savings. Concurrently, we have affirmed the Aaa ratings on the state's $487 million of outstanding general obligation bonds, the Aa1 ratings on $609 million of appropriation-backed debt issued through the Missouri Board of Public Buildings and the Missouri Development Finance Board, and the Aa2 ratings on $82 million of outstanding appropriation-backed debt issued through the St. Louis Regional Convention and Sports Complex Authority. The outlook is stable...

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