At this time Moody’s has changed the outlook to positive from stable. MBIA is expected to insure the bonds. Subject to Moody’s review of the insurance policy and other relevant documentation, the bonds are expected to carry MBIA’s current financial strength rating of Aaa. The A2 underlying rating will continue to be maintained. The A2 rating is based on satisfactory coverage of parity debt service requirements, a manageable debt position with modest future borrowing plans, and a moderately expanding service area.
By the OGJ Online Staff