S&P rates Methodist Hospital refunding bonds AA

Standard & Poor's said it assigned an AA rating to the $300 million series 2008B fixed-rate revenue refunding bonds issued by Harris County Cultural Education Facilities Finance Corp., Texas, and assigned an AA/A-1+ rating to the finance corporation's $650 million series 2008C variable-rate revenue refunding bonds, both issued on behalf of the Methodist Hospital of Houston.

Both series of bonds are due Dec. 1, 2041. The final allocation of the current issues between fixed and variable will be determined at pricing.

Proceeds will refund the existing $950 million series 2006A variable-rate revenue bonds.

S&P also affirmed its AAA/A-1+ rating on Harris County Health Facilities Development Corp.'s $100 million series 2006C variable-rate revenue bonds and $350 million series 2005A variable-rate revenue bonds issued for Methodist and its AA/A-1+ rating on the series 2008A variable-rate revenue bonds.

The outlook is stable.

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