Fitch gives initial AA- to Memorial Health bonds

Fitch Ratings said it assigned an AA- rating to the $38.9 million series 2008A and $39.5 million series 2008B health system revenue refunding bonds issued by the St. Joseph County Hospital Authority, Ind., for Memorial Health System.

Proceeds will be used to refund Memorial's outstanding series 2003 and 2006 bonds and to pay costs of issuance.

The rating is based on a letter of credit from Fifth Third Bank NA. Fitch expects to provide long-term and short-term ratings on the series 2008 bonds based on the letter of credit at a date closer to pricing.

Fitch also affirmed the AA- ratings on approximately $238.2 million of outstanding bonds. The outlook is stable.

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