Fitch rates Swedish Covenant Hospital, Ill., bonds AA/F1+

Fitch Ratings said it assigned a rating of AA/F1+ to the $60 million Illinois Finance Authority variable-rate demand revenue refunding bonds, series 2008 A, to be issued for Swedish Covenant Hospital.

The rating is based on the support provided by an irrevocable, direct-pay letter of credit (LOC) issued by LaSalle Bank NA (long-term AA rating on negative watch) securing the bonds.

The bonds will initially bear interest in the weekly interest-rate mode but may be converted to a commercial paper rate, a fixed rate, term rate, semiannual or auction-rate mode.

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