S&P gives A to Memorial Hermann, Texas, bonds

Standard & Poor's said it assigned an A long-term underlying rating and stable outlook to Harris County Health Facilities Development Corp., Texas' $184.8 million of series 2008A variable-rate demand bonds issued for Memorial Hermann Healthcare System.

S&P also said it assigned the A long-term rating to the corporation's $200.33 million of series 2008B fixed-rate bonds, also issued for Memorial Hermann.

The series 2008A is expected to carry a standby bond purchase agreement from Dexia Credit Local and insurance from FSA. In that case, the rating on the series is expected to be AAA/A-1+.

S&P affirmed the A long-term rating and underlying rating on Memorial Hermann's $1.1 billion of long-term debt in various series.

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