Fitch rates Swedish Covenant Hospital, Ill., bonds A-

Fitch Ratings said it assigned an underlying rating of A- to about $102 million of Illinois Finance Authority (Swedish Covenant Hospital) refunding variable-rate demand revenue bonds, series 2008A and 2008B.

Fitch also said it assigned an underlying rating of A- on Swedish Covenant's approximately $45.6 million of series 2003A and 2003B variable-rate demand bonds.

In addition, Fitch said it assigned a long-term rating of A- to the hospital's approximately $9 million of outstanding series 2005 fixed-rate revenue bonds.

Fitch said it will assign an enhanced rating to the series 2008B bonds closer to the sale date.

The outlook is stable.

The series 2008A bonds will be secured by a letter of credit from Bank of America, NA. As previously reported, Fitch said it assigned a rating of AA/F1+ to the series 2008A bonds on March 26.

Sale of the series 2008A bonds is expected by negotiation on April 7. The series 2008B bonds are expected to sell by May 15.

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