Moody's gives A3 underlying rating to Hackensack, N.J., revenue bonds

Moody's Investors Service said it gave an A3 underlying rating to Haackensack University Medical Center's $85 million of series 2008 revenue bonds to be issued by the New Jersey Health Care Facilities Financing Authority.

The outlook is negative.

Assured Guaranty, which has a rating of Aaa with stable outlook, is expected to insure the bonds. Subject to a review of the insurance policy, the bonds will have the rating of the insurer, but Moody's will maintain its underlying rating.

Sale of the bonds is expected on March 1.

Moody's also said it affirmed the A3 rating on the center's existing debt. That debt consists of $134.4 million of series 1998 bonds, $79.5 million of series 2000 bonds, $146.9 million outstanding series 2004 bonds (auction rate) and $43 million of series 1997 bonds (Hillcrest Health) along with $24.4 million of accreted interest.

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