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.