Moody's assigns Aaa/VMIG1 to Johnson City, Tenn., hospital bonds

Moody's Investors Service said it assigned a rating of Aaa/VMIG1 to $430.14 million in hospital revenue bonds (Mountain States Alliance) issued by the Health and Educational Facilities Board of the City of Johnson City, Tenn., in 2007 and 2008.

The sale date for the $101.255 series 2007A and $328.885 million series 2007B (taxable) was Dec. 14, 2007. The sale date for the $72.77 million series 2008A was Feb. 28, 2008.

The rating is based upon letters of credit provided by Regions Bank, rated Aa3 for its long-term bank deposits and Prime-1 for its short-term bank deposits. Moody's currently maintains a rating of Baa1 on Mountain States Alliance.

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