S&P gives University Of Maryland Medical bonds underlying A

Standard & Poor's said it assigned an A underlying rating to Maryland Health and Higher Education Facilities Authority's $280 million of series 2008A, 2008B, 2008C, 2008D and 2008E hospital revenue bonds, issued for University of Maryland Medical System.

Affected issues include the $75 million of hospital variable-rate demand bonds, series 2008B, $50 million of hospital variable-rate demand bonds, series 2008E, $50 million of hospital variable-rate demand bonds, series 2008D, $50 million of hospital variable-rate demand bonds, series 2008C, and $50 million of hospital variable-rate demand bonds, series 2008A.

In addition, S&P said it affirmed its A standard long-term rating and underlying ratings on the university's existing rated debt.

The series 2008A, 2008B, 2008C, 2008D and 2008E bonds will refund in full, when combined with $65 million of unused bond proceeds, $350 million of series 2006B, 2006C and 2006D auction-rate bonds, insured by Financial Guaranty Insurance Co. and series 2006E and 2006F FGIC-insured variable-rate demand bonds.

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