Fitch gives AA- to Maryland Health bonds for Johns Hopkins Health, Howard County

Fitch Ratings said it assigned an underlying rating of AA- to about $12 million of Maryland Health and Higher Educational Facility Authority (Johns Hopkins Health System obligated group issue) revenue bonds, series 2008A, and about $40 million of (Howard County General Hospital issue) revenue bonds, series 2008.

The Howard County General Hospital bonds are guaranteed by Johns Hopkins Health System obligated group. In addition, Fitch has affirmed the underlying rating of Johns Hopkins Health System's outstanding debt at AA-. The outlook is stable.

Both series will be issued as variable-rate demand bonds, supported with direct pay letters of credit provided by PNC Bank, NA.

The Johns Hopkins Health System series 2008A bond issue is expected to sell during the week of April 22 with the Howard County General Hospital series 2008 bonds pricing two weeks later.

The proceeds of the Johns Hopkins issue will be used to refund its series 2007C bonds, and the Howard County Health issue proceeds will be used to fund a portion of Howard County Health's $105 million campus redevelopment plan.

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