Moody's rates University of Pittsburgh Medical Center bonds Aa3

Moody's Investors Service said it assigned an Aa3 rating to $250 million of series 2008B fixed-rate bonds to be issued by the Allegheny County Hospital Development Authority, Pa., for the University of Pittsburgh Medical Center.

The expected sale date was June 5.

Moody's also affirmed the Aa3 and Aa3/VMIG1 ratings on the medical center's $2.4 billion of outstanding debt. The outlook is stable.

The 2008B bonds will be used to refund certain series of bonds previously issued for the benefit of the medical center and its subsidiary hospitals, to fund capital projects and to pay issuance costs.

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