Moody's rates Spectrum Health, Mich., bonds Aa3

Moody's Investors Service said it assigned an Aa3 unenhanced rating to Spectrum Health's $227.3 million of series 2008A fixed-rate revenue and refunding bonds to be issued through the Kent Hospital Financing Authority, Mich.

The outlook remains stable.

Sale of the 2008A bonds is expected on March 24.

Spectrum is also expected to issue $75 million of series 2008B-1 variable-rate bonds to be supported by a letter of credit as well as $112.5 million of series 2008B-2 and $50 million of series 2008B-3 variable-rate demand obligations to be supported by standby bond purchase agreements.

The series 208B bonds will be rated separately, but Moody's said it will maintain the Aa3 underlying rating on the series 2008B-1 bonds.

Moody's also said it affirmed the Aa3 unenhanced and underlying ratings on the $205 million of parity debt that will remain outstanding after the sale of the series 2008A and series 2008B bonds.

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