Moody's rates Elmhurst Memorial, Ill., bonds Aaa/VMIG1

Moody's Investors Service said it assigned a rating of Aaa/VMIG1 to variable-rate demand revenue bonds, series 2008B through E, issued by the Illinois Finance Authority for Elmhurst Memorial Healthcare.

The sale date was May 29 for $100 million series 2008B, $75 million series 2008C, $50 million series 2008D and $25 million series 2008E bonds.

The long-term rating is based on letters of credit provided by JPMorgan Chase Bank, NA (for series 2008B); RBS Citizens, NA (for series 2008C), Northern Trust Co. (for series 2008D) and Fifth Third Bank (for series 2008E).

JPMorgan Chase Bank is rated Aaa for its long-term bank deposits and Prime-1 for its short-term bank deposits. RBS is rated Aa2/P-1, Northern Trust is rated Aa3/P-1 and Fifth Third Bank is rated Aa2/P-1, respectively. Moody's maintains a rating of Baa1 on Elmhurst.

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