S&P gives AAA to Baylor College bonds

Standard & Poor's said it assigned an AAA/A-1 rating to Harris County Health Facilities Development Corp.'s $85 million series 2008A and $34.55 million 2008C hospital revenue refunding bonds, and a rating of AAA/A-1+ to its $38.18 million series 2008B, all issued for Baylor College of Medicine, Texas.

The bonds are due Nov. 15, 2047.

The ratings are based on letters of credit from Compass Bank (A+/A-1) for series 2008A, Northern Trust Co. (AA/A-1+) for series 2008B and Commerzbank AG (A/A-1) for series 2008C.

Proceeds will be used to refund a portion of the college's $400 million series 2007A auction-rate securities.

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