Bond Bank Sets Refunding

The Maine Municipal Bond Bank is expected to sell about $17 million of sewer and water revenue refunding bonds under its wastewater state-revolving fund program on March 19.

Moody’s Investors Service assigned its Aaa rating to the bonds and affirmed the Aaa on its 2009 Series A and B, and 2003 Series A, B and C bonds issued under the same program.

Also affirmed at Aaa were the 2009 Series C and 2005 Series A bonds issued under the drinking water state revolving fund program.

Moody’s said the high rating is based on the program’s 78% credit default tolerance, provided by significant over-collateralization, and strong credit quality of the underlying pool of borrowers, which is large and diverse.

The outlook on the bond bank’s credit is stable.

For reprint and licensing requests for this article, click here.
Maine
MORE FROM BOND BUYER