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S&P gives A-1+, AA- to University of Pennsylvania Health debt
Standard & Poor's said it assigned an A-1+ short-term rating to Merrill Lynch and Co. Inc.'s $196 million of term tender custodial receipts, series 2008A and C, related to Pennsylvania Higher Educational Facilities Authority's variable-rate revenue bonds, series 2005C and D, respectively, issued for University of Pennsylvania Health System.
S&P also said it assigned an AA- long-term rating to the health system's $105.8 million of revenue and refunding bonds, series 2008A.
The outlook on the long-term bonds is stable.
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