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Moody's rates Catholic Health, Wash., bonds Aa2/VMIG1
Moody's Investors Service said it assigned Aa2/VMIG1 ratings to Catholic Health Initiatives' $119.7 million of series 2008A-4, A-5 and A-6 variable-rate revenue bonds to be issued by the Washington Health Care Facilities Authority.
The outlook is stable.
Separately, Moody's said it revised the rating to Aaa/VMIG1 from Aaa on Catholic Health's $169.7 million of outstanding series 2007A-1, A-2 and A-3 auction-rate bonds issued by the Washington authority in connection with a conversion to weekly mode. The outlook is stable.
The long-term rating on the 2007 bonds is based on the continuation of insurance from FSA, which is rated Aaa with stable outlook. The short-term rating is supported by Catholic Health's internal liquidity.
Moody's also said it affirmed the Aa2 and Aa2/VMIG1 ratings on $2.5 billion of Catholic Health's debt to remain outstanding.
Sale of the 2008A-4, A-5 and A-6 bonds is expected on April 17.
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