Moody's rates N.Y.C. Health and Hospitals bonds A1

Moody's Investors Service said it assigned A1 ratings to the $116 million series 2008A health system bonds and the $50 million series 2008B, $50 million series 2008C, $45 million series 2008D and $45 million series 2008E health system refunding bonds to be issued by the New York City Health and Hospitals Corp.

The expected sale date is July 30.

The four refunding series are expected to be issued as multi-modal variable-rate demand bonds backed by letters of credit provided by TD Banknorth (for series 2008B and 2008C) and JPMorgan Chase (for series 2008D and 2008E).

Moody's affirmed the underlying A1 ratings on the corporation's series 2002B and 2002H health systems bonds (which will be consolidated as series 2002I) and series 2002C (which will be reclassified as series 2002J), in conjunction with the issuer's plan to convert them from auction-rate mode to a fixed-rate mode.

The outlook is stable.

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