Fitch rates McLaren Health Care bonds AA-

Fitch Ratings said it assigned an AA- rating to $203.7 million Michigan State Hospital Finance Authority revenue and refunding bonds (McLaren Health Care), series 2008A, and $174 million series 2008B.

The series 2008A bonds are expected to price the week of July 14, while the series 2008B bonds are expected to price the week of July 28.

In addition, Fitch affirmed the AA- ratings on about $323.4 million of series 1998A and series 2005A-C bonds issued on behalf on McLaren Health Care Corp. through the Michigan State Hospital Finance Authority. The outlook was revised to stable from negative.

Proceeds from the series 2008 bonds will be used to refund about $145 million of outstanding debt issued by Mount Clemens Regional Medical Center, to refund about $42 million of bonds issued for POH Regional Medical Center (formerly Pontiac Osteopathic Hospital), to refund McLaren's outstanding series 2005A and B index put bonds, to fund $17.4 million capital expenditures and to pay costs of issuance.

Upon closing of the series 2008 issue, both Mount Clemens Regional Medical Center and POH Regional Medical Center will become members of the McLaren Credit Group.

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