Moody's gives Aa3/VMIG1 to Advocate Health, Ill., bonds

Moody's Investors Service said it assigned Aa3/VMIG1 ratings to Advocate Health Care Network's $471 million of series 2008B and series 2008C variable-rate demand bonds to be issued by the Illinois Finance Authority.

Series 2008B-1, series 2008B-3, series 2008B-4, series 2008B-5, series 2008C-1 and series 2008C-2B have a combined principal amount of $294.7 million. Those bonds are supported by a standby bonds purchase agreement (SBPA) from JPMorgan Chase Bank, NA.

Series 2008B-2 and series 2008C-3A have a combined principal amount of $104.075 million. Those bonds are supported by an SBPA from Bank of America, NA.

The rest of the issue consists of $50 million of series 2008C-2A, $58.425 million 2008C-2B, $88 million of series 2008C-3A and $21.975 million of series 2008C-3B.

Series 2008C-2B and series 2008C-3A are supported by an SBPA from Northern Trust Co., and series 2008C-3B is supported by an SBPA from Fifth Third Bank.

Sale of the bonds was expected on April 22.

The banks all have P-1 ratings.

The outlook is stable.

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