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S&P gives BBB+ to CareGroup, Mass., bonds
Standard & Poor's said it assigned a BBB+ rating to $153.4 million of series 2008E-1 and $371.1 million of series 2008E-2 bonds issued by the Massachusetts Health and Educational Facilities Authority for CareGroup Inc.
S&P also said it affirmed the BBB+ underlying rating on CareGroup's auction-rate bonds, although series 2008E-2 is expected to refinance those bonds.
S&P affirmed the BBB+ underlying rating on CareGroup's $220.7 million of series 1998A bonds, although it said management expects about $21 million of those bonds will be cash defeased when the new bonds are issued.
The outlook is stable.
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