Fitch assigns A rating to Northeast Georgia Health bonds

Fitch Ratings said it assigned an A underlying rating to $155.8 million series 2008A, G and H revenue anticipation certificates issued by Hall County and Gainesville Hospital Authority for Northeast Georgia Health System, Inc. The outlook is stable.

Fitch said it will separately assign underlying ratings to the series 2008B-F bonds, which are additionally secured by a limited general obligation pledge of Hall County, Ga.

The series 2008A-G bonds are expected to price the week of Aug. 11, and the series 2008H are expected to price the week of Sept. 1.

The proceeds of series 2008A, G and H bonds will be used to redeem outstanding series 2005A, 2005B and 2007F bonds.

The series 2008 bonds will be issued as variable-rate demand obligations supported by letters of credit from Wachovia Bank NA, Bayerische Landesbank and Landesbank Baden-Wurttemberg for series 2008A, G and H, respectively. Fitch's rating for all three banks is A+/F1+. Fitch expects to assign ratings based on bank support closer to the date of issuance.

Fitch affirmed the A underlying rating on $266.7 million of Northeast Georgia Health System's outstanding series 2005A-B and 2007F-G revenue bonds.

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