Fitch rates Monongalia Health, W.Va., bonds BBB+

Fitch Ratings said it assigned a BBB+ underlying rating to Monongalia Health System's anticipated $48.1 million of series A bonds to be issued through the Monongalia County Building Commission and $14.3 million of taxable series 2008 B bonds to be issued by the system itself.

The outlook is stable.

The obligated group consists of Monongalia General Hospital; Monongalia Health System, the parent; and MonElder, a continuing-care retirement community. The health system is based in Morgantown, W.Va.

Both series of bonds will issued as variable-rate demand bonds. They are expected to price on Wednesday through negotiation by Raymond James and Associates, Inc.

The bonds are expected to receive an irrevocable direct-pay letter of credit from JPMorgan Chase Bank NA.

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