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Fitch rates Essentia Health bonds A-
Fitch Ratings said it assigned an underlying rating of A- to about $397.2 million of health care facilities variable-rate demand revenue bonds, series 2008, issued on behalf of Essentia Health by three issuers.
Of the bonds, $122.75 million was issued by Cass County, N.D.; $12,975,000 by Wisconsin Health and Educational Facilities Authority; and $261,455,000 by Minnesota Agricultural and Economic Development Board.
Fitch also said it affirmed its underlying rating of A- and stable outlook for $326.4 million of outstanding debt issued on behalf of Essentia. Some of the series are rated AAA and AA based on insurance from MBIA and Ambac Assurance Corp., respectively.
The series 2008 bonds will carry standby purchase agreements provided by KBC Bank NV; Wells Fargo Bank, NA; and U.S. Bank, NA. Fitch said it will assign ratings based on the standby purchase agreements closer to the issuance date.
Assured Guaranty Ltd., which has an insurer financial strength rating of AAA, is expected to provide insurance for the series 2008 bonds.
Pricing of the series 2008 bonds is expected the week of March 3.
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