Moody’s Investors Service has assigned a Aa2 to the University of Massachusetts’ $28.1 million of tax-exempt, fixed-rate Series 2011 revenue refunding bonds.

The bonds will be issued through the Massachusetts Development Finance Agency.

Moody’s also affirmed its Aa2 rating on the school and the University of Massachusetts Building Authority’s outstanding rated debt. The outlook is stable.

The university has about $1.2 billion of debt with an underlying rating and $2.4 billion of total debt, Moody’s said.

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