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Moody's ups Centra Health bonds, gives VMIG1 rating
Moody's Investors Service said it upgraded the long-term rating of the Industrial Development Authority of the City of Lynchburg, Va.'s hospital revenue bonds, 2004 series A and E, issued for Centra Health to Aa2 from A2 and assigned the bonds a short-term rating of VMIG1.
About $64.075 million of debt is affected.
The upgrade is occurring in conjunction with the delivery of two irrevocable direct-pay letters of credit (one for each series of bonds) to be provided by SunTrust Bank, and the assignment of the short-term rating is due to the conversion of the bonds to a weekly interest rate mode from an auction-rate mode and the delivery of the letters of credit.
The bonds are also supported by an MBIA bond insurance policy.
Moody's rates SunTrust Bank Aa2 for its long-term obligations and Prime-1 for its short-term obligations.
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