Fitch rates Maine Health revenue bonds AA/F1+

Fitch Ratings said it assigned an AA/F1+ rating to the $107.125 million Maine Health & Higher Educational Facilities Authority revenue bonds, series 2008 A.

The long-term AA rating is based on the higher of the AA- rating assigned by Fitch to KBC Bank, NV, which provides a direct-pay letter of credit securing the bonds, and the AA underlying rating assigned by Fitch to the bonds on May 7.

Bond proceeds will be used to refinance the authority's outstanding revenue bonds, series 2006C, series 2006D and series 2006E; to fund the amount necessary so that the reserve fund is at the reserve fund requirement; to pay the fees for the LoC; and to pay the costs of issuance of the series 2008A bonds.

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