Moody's rates Baylor College hospital bonds Aa3/VMIG1

Moody's Investors Service said it assigned a rating of Aa3/VMIG1 to $157.7 million hospital revenue refunding bonds issued by Harris County Health Facilities Development Corp., Texas, for Baylor College of Medicine, including series 2008A ($85million), series 2008B ($34.550 million) and series 2008C ($38.18 million).

The expected sale date is June 18.

The ratings are based on letters of credit from Compass Bank for series 2008A, Northern Trust Co. for series 2008B and Commerzbank AG for series 2008C. Moody's rates all three banks Aa3 for long-term obligations and P-1 for short-term obligations.

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