Fitch rates University of Md. Medical bonds A

Fitch Ratings said it assigned a long-term underlying rating of A to $167.5 million series 2008F-H revenue bonds issued by the Maryland Health and Higher Educational Facilities Authority for the University of Maryland Medical System.

The $89.7 million series 2008F bonds are expected to price the week of July 7, and the series 2008G & H ($40.7 million and $37 million, respectively) are expected to price the week of July 28.

In addition, Fitch affirmed it's a rating on the sytstem's outstanding debt. The outlook is stable.

The series 2008F bonds will be issued as unenhanced, fixed-rate bonds, with proceeds used to refund the series 2004A variable-rate demand bonds.

The series 2008G and 2008H will be issued as variable-rate demand bonds and will be used to refund the system's series 2004C and 2004D auction-rate securities.

M&T Bank, NA (rated A-/F1) will provide a letter of credit for series 2008H, and Wachovia Bank, NA (AA-/F1+) will provide a letter of credit for series 2008G. Fitch said it expects to assign ratings based on the bank support closer to the time of issuance.

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