Fitch rates Resurrection Health Care, Ill, bonds AA/F1+, AA-/F1+

Fitch Ratings said it assigned a rating of AA/F1+ to the $50 million Illinois Finance Authority variable-rate revenue bonds (Resurrection Health Care), series 2008A, and a rating of AA-/F1+ to the $50 million Illinois Finance Authority variable-rate revenue bonds (Resurrection Health Care), series 2008B.

The AA/F1+ rating for the 2008A bonds is based on the support provided by an irrevocable, direct-pay letter of credit issued by LaSalle Bank, NA. The AA-/F1+ rating for the series 2008B bonds is based on the support provided by an irrevocable, direct-pay LoC issued by JPMorgan Chase Bank, NA.

The remarketing agent for the bonds is Merrill Lynch, Pierce, Fenner & Smith Inc. The bonds are expected to be delivered around June 5.

Bond proceeds will be used to current refund all of the outstanding Resurrection Health Facilities Authority variable-rate demand revenue bonds, series 1999C, (Resurrection Health Care) periodic auction reset securities and pay costs of issuance and refunding.

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