Moody's rates Memorial Hermann, Texas, bonds Aaa/VMIG 1

Moody's Investors Service said it assigned an Aaa/VMIG 1 rating to Harris County Health Facilities Development Corp., Texas' hospital revenue refunding bonds (Memorial Hermann Healthcare System), series 2008A.

The $184.8 million bond offering was expected to price March 26.

Moody's said the rating is based upon the insurance policy provided by Financial Security Assurance Inc. (FSA) and the liquidity facility, in the form of a standby bond purchase agreement, provided by Dexia Credit Local. Moody's rates the long-term and short-term obligations of Dexia at Aa1/P-1. FSA is rated Aaa by Moody's.

The bonds will initially bear interest at a weekly rate. The bonds may be converted in part to a daily rate, short-term, long-term, auction-rate or fixed rate mode. Upon conversion, the bonds will be subject to mandatory tender at a price of par plus accrued interest.

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