S&P assigns AAA/A-1+ to Banner Health, Ariz., bonds

Standard & Poor's said it assigned an AAA/A-1+ rating to the Arizona Health Facilities Authority's series 2008B and 2008C revenue bonds, at $98.75 million each, issued for Banner Health.

The rating is based on letters of credit from Bank of Nova Scotia (AA-/A-1+).

The outlook is stable.

Proceeds will refund a bridge loan, which was used to redeem Banner's outstanding series 2005B and 2005C bonds.

The 2008 bonds are due Jan. 1, 2035.

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