Moody's Investors Service said it has assigned an A3 rating to the town of Hamden, Conn.'s $29.3 million general obligation refunding bonds, issue of 2013, and downgraded to A3 from A2 the rating on $146.3 million of outstanding parity debt.

The bonds are secured by the town's general obligation, unlimited tax pledge. Proceeds from this issue will be used to refund various maturities of the town's 2003, 2005A, 2006, 2011A, and 2012 bonds for a net present value savings of approximately 3.6% of refunded principal.

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