S&P rates Scott & White Memorial Hospital, Texas, bonds AAA

Standard & Poor's said it assigned AAA ratings to hospital revenue bonds issued by Tarrant County Cultural Education Facilities Finance Corporation, Texas, on behalf of the Scott & White Memorial Hospital and the Scott, Sherwood and Brindley Foundation.

The $84.775 million series 2008-1 and $93.3 million series 2008-2 were rated AAA/A-1+ and the $55.275 million series 2008-3 was rated AAA/A-1. All are expected to be sold June 10.

The ratings are based upon three letters of credit. The series 2008-1 bonds are supported by a LoC from Bank of America, NA, rated AA+/A-1+. The series 2008-2 bonds are supported by an LoC from JPMorgan Chase Bank, NA, also rated AA+/A-1+. The series 2008-3 bonds are supported by the LoC provided by Compass Bank, rated A+/A-1 by S&P.

S&P also assigned its AA- underlying rating to the finance corporation's $236.395 million series 2008A, 2008B, and 2008C variable-rate hospital revenue refunding bonds issued for Scott & White.

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