Moody's lifts Franciscan Missionaries conversion bonds to Aaa

Moody's Investors Service said it upgraded the long-term rating to Aaa from A1 and assigned a VMIG1 short-term rating to the $50 million series 2005D Louisiana Public Facilities Authority variable-rate hospital revenue bonds issued for the Franciscan Missionaries of Our Lady Health System Project.

The action comes in conjunction with conversion of the bonds from the auction-rate mode to the daily rate mode, scheduled for July 21.

The bonds are to be supported by a letter of credit from JPMorgan Chase Bank NA, rated Aaa for its long-term bank deposits and Prime-1 for its short-term bank deposits. Moody's currently maintains an underlying rating of A1 on the health system's bonds.

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