Moody's puts Resurrection Health, Ill., on negative watch

Moody's Investors Service said it placed on Watch for possible downgrade the A3 long-term and underlying ratings for Resurrection Health Care's $694.2 million of debt issued by the Illinois Finance Authority.

The rated debt includes series 2005A unsecured term bonds; series 2005E unsecured term bonds; series 2005B variable-rate demand bonds with letter of credit from JPMorgan Chase Bank and rated Aa2/VMIG1; series 2005C variable-rate demand bonds with letter of credit from LaSalle Bank NA and rated Aa3/VMIG1; series 2005D R-Floats rated A3/NR; and series 1999A, B&C auction-rate securities rated Aaa.

The series 2005E and series 2005D bonds were retired with cash on April 1.

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