Fitch gives Palmetto Health, S.C., hospital bonds AA/F1+

Fitch Ratings said it assigned a rating of AA/F1+ to the South Carolina Jobs-Economic Development Authority's $93.165 million variable-rate demand hospital refunding revenue bonds for Palmetto Health, consisting of $43.805 series 2008A and $49.36 series 2008B.

The bonds are expected to be delivered June 12. Proceeds will be used by Palmetto Health to prepay and refund outstanding obligations.

The rating is based on separate letters of credit provided by Bank of America, NA. The AA long-term component of the bank's rating is currently on rating watch negative.

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