S&P rates Presbyterian Homes, Pa., bonds BBB+

Standard & Poor's said it assigned a BBB+ standard long-term rating to the $17.6 million of series 2008A variable-rate bonds and BBB+ underlying rating to the $45 million of series 2008B variable-rate bonds, both to be issued by the Cumberland County Industrial Development Authority for Presbyterian Homes Inc. obligated group, Pa.

At the same time, S&P said it affirmed the BBB+ underlying rating on the authority's $571.1 million of series 2003A, 2003B, 2005A and 2005 B bonds issued for Presbyterian Homes.

S&P also said it affirmed the AAA/A-1+ rating on Cumberland County's series 2003B variable-rate demand revenue bonds issued on behalf of Presbyterian Homes. The short-term component of that rating is based on a letter of credit from U.S. KBC Bank NV, which is rated AA-/A-1+.

The series 2008B bonds will be backed by a letter of credit from Bank of America, and the ratings on the bonds are expected to reflect that.

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