Moody's rates Children's Hospital, Wash., bonds Aa3

Moody's Investors Service said it assigned an Aa3 underlying rating to Children's Hospital and Regional Medical Center's series 2008A and B bonds to be issued through the Washington Health Care Facilities Authority and an Aa3 long-term rating for the hospital's series 2008C bonds to be issued through the authority.

The issue includes $148.54 million of series 2008A and B variable-rate demand bonds and $90.765 million of series 2008C fixed-rate revenue bonds.

Sale of the series 2008A and B bonds is expected on May 29, and sale of the series 2008C bonds is expected on May 13.

Series 2008A and B will be backed by an irrevocable, direct-pay letter of credit from Bank of America, NA, which is rated Aaa/P-1. A primary rating on those bonds will be announced separately.

The outlook is stable.

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