Moody's rates Gunderson Lutheran, Wis., bonds A1

Moody's Investors Service said it assigned an A1 underlying rating to Gunderson Lutheran's $89.3 million of series 2008A and 2008B revenue and refunding bonds to be issued through the Wisconsin Health and Educational Facilities Authority.

At the same time, Moody's said it raised Gunderson's underlying rating to A1 from A2, reflecting its elevated cash flow and continued strengthening of its liquidity.

Sale of the bonds is expected on May 28. They will be supported by an irrevocable, direct-pay letter of credit from Wells Fargo Bank, NA.

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