S&P rates Edward Hospital, Ill., bonds AAA/A-1+

Standard & Poor's said it assigned an AAA/A-1+ rating to the Illinois Finance Authority's $126.22 million of series 2008B-1, 2008B-2 and 2008C variable-rate demand revenue refunding bonds issued for Edward Hospital obligated group.

The issue includes $56.6 million each of series 2008B-1 and 2008B-2 and $13.02 million of series 2008C.

The rating is based on the joint support of an irrevocable, direct-pay letter of credit from JPMorgan Chase NA and the pledged support of Edward Hospital. JPMorgan is rated AA/A-1+, and Edward Hospital has an underlying rating of A+ with a stable outlook.

S&P also affirmed the A+ underlying rating on the authority's 2001A and 2001C bonds and the authority's 2007B-1, 2007B-2, 2007C and 2008A revenue bonds issued for the obligated group.

Series 2008B-1, 2008B-2 and 2008C will refinance the authority's series 2007B-1, 2007B2 and 2007C bonds, all issued for Edward Hospital.

The outlook is stable.

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