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Moody's rates Massachusetts' CareGroup bonds A3
Moody's Investors Service said it assigned an A3 rating with stable outlook to CareGroup, Inc.'s upcoming $282.2 million of series 2008 bonds to be issued by Massachusetts Health and Educational Financing Authority.
The bonds are expected to be insured by a provider rated by Moody's. Subject to a review of the insurance policy, the bonds will carry the financial strength of the insurer, but Moody's will maintain its underlying rating.
Moody's also said it affirmed its A3 underlying ratings on five other series of bonds issued for CareGroup by the authority. Those include $70 million of series 1998 A bonds; $75 million of variable-rate PARS, series 1998B; $138.075 million of series 2004 C-1 and C-2 bonds; and $49.05 million of series 2004 D bonds.
The series 1998 A bonds, variable-rate PARS, series 1998B, and series 2004 D bonds are rated Aaa with negative watch based on insurance from MBIA.
The series 2004 C-1 and C-2 bonds are rated Aaa with negative watch based on insurance from Ambac.
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