Moody's gives Aaa/VMIG1 to Frederick Memorial Hospital bonds

Moody's Investors Service said it assigned a rating of Aaa/VMIG1 to the $73.6 million Maryland Health & Higher Educational Facilities Authority's revenue bonds, series 2008, issued for Frederick Memorial Hospital.

Sale of the bonds is expected on July 8.

The bonds are supported by a direct-pay letter of credit provided by Branch Banking & Trust Co., which is rated Aa2 for its long-term bank deposits and Prime-1 for its short-term bank deposits. Moody's maintains a rating of Baa1 on Frederick Memorial Hospital.

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