Fitch rates Johns Hopkins Health, Md., bonds AA-

Fitch Ratings said it assigned an underlying rating of AA- on about $150 million of Maryland Health and Higher Educational Facility Authority revenue bonds, series 2008B, Johns Hopkins Health System Obligated Group issue.

In addition, Fitch has affirmed the underlying rating of Johns Hopkins Health System's outstanding debt at AA-. The outlook is stable.

The series 2008B bonds are expected to price the week of June 16.

The bonds are expected to be issued in three equal tranches, each with a mandatory purchase occurring between three to seven years from the time of issuance. The system expects to amortize the 2008B bonds sometime between 2036 and 2048 and may choose to change modes following each mandatory purchase period.

The proceeds will reimburse the health system for its equity contributions toward a $1.2 billion campus redevelopment project, which includes a new cardiovascular and critical care adult tower and a children's hospital. It expects to issue the final $150 million toward the project by late 2008 or early 2009.

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