New York, August 25, 2016 -- Summary Rating RationaleMoody's Investors Service has affirmed the underlying ratings of A1 on $74,820,000 of Cobb County Development Authority, GA Student Housing Refunding Revenue Bonds (Kennesaw State University Real Estate Foundations Projects) Senior Series, A3 on approximately $24,575,000 of Student Housing Refunding Revenue Bonds (Kennesaw State University Real Estate Foundations Projects) Subordinate Series and Baa2 on approximately $43,000,000 of Student Housing Refunding Revenue Bonds (Kennesaw State University Real Estate Foundations Projects) Junior Subordinate Series. The outlook on all debt classes is stable.The affirmation reflects continued strong financial performance of the project as demonstrated by strong debt service coverage levels, satisfactory occupancy and rent levels, strong legal structure, as well as strong affiliation with Kennesaw State University ("KSU") (A1 stable lease revenue) and the Kennesaw State University Foundation ("Foundation").

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