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Moody's ups OhioHealth bonds to Aa2
Moody's Investors Service said it raised its rating on OhioHealth's debt to Aa2 and assigned an Aa2/VMIG1 rating to the $186.7 million series 2008A bonds to be issued through Franklin County, Ohio. The outlook is stable.
The expected sale date is July 29.
Proceeds will refund series 2003A and 2003B auction-rate securities.
The upgrade is based on the system's consistently strong operating margins, liquidity and debt measures, which have been achieved despite competitive challenges in the greater Columbus market, Moody's said.
The short-term rating is based on a standby bond purchase agreement from JPMorgan Chase Bank NA, rated Aaa/P-1 by Moody's.
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