Moody's gives Aa3 to University of Chicago Medical Center debt

Moody's Investors Service said it assigned initial Aa3 underlying ratings to University of Chicago Medical Center's $130 million series 2001 and series 2003 fixed-rate revenue bonds issued by the Illinois Health Facilities Authority. The outlook is stable.

UCMC also has $263 million of unrated debt outstanding, including $166 million of series 1994C and series 1998 variable-rate demand bonds and $97 million of commercial paper revenue notes that are supported by a letter of credit from Northern Trust. The medical center expects to refund the variable-rate demand bonds later in 2008.

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