S&P gives Memorial Hermann, Texas, bonds underlying A rating

Standard & Poor's said it assigned its A long-term underlying rating to Harris County Health Facilities Development Corp., Texas' $184.8 million series 2008A variable-rate demand bonds issued for Memorial Hermann Healthcare System.

The 2008 series is expected to carry a standby bond purchase agreement from Dexia Credit Local and be insured by FSA, with a AAA/A-1+ proposed rating for this series.

S&P also assigned its A long-term rating to Harris County Health Facilities Development Corp., Texas' $200.3 million series 2008B fixed-rate bonds, also issued for Memorial.

In addition, S&P affirmed its A long-term rating and underlying rating on Memorial's $1.1 billion in long-term debt (various series).

Bond proceeds will be used to refund the callable portion of Memorial's outstanding 1998 series debt, and Memorial is still considering refunding all of Memorial's outstanding 2004B series debt, although final decisions have not yet been made.

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