Fitch Assigns Underlying 'A' to Univ. of Maryland Medical System (MD) 2008F-H Revs
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NEW YORK--(BUSINESS WIRE)--
Fitch Ratings assigns a long-term underlying rating of 'A' to approximately $167.5 million Maryland Health and Higher Educational Facilities Authority revenue bonds, University of Maryland Medical System Issue (UMMS), series 2008F-H. In addition, Fitch affirms UMMS' outstanding debt at 'A'. The Rating Outlook is Stable.
The series 2008F bonds will be issued as unenhanced, fixed-rate bonds with par amount of $89.7 million, with proceeds used to refund UMMS' series 2004A Ambac-insured variable-rate demand bonds (VRDBs). The series 2008G and 2008H, with $40.7 million and $37 million par amounts, respectively, will be issued as VRDBs with direct-pay letter of credit (LOC) bank liquidity support. Bond proceeds will be used to refund UMMS' series 2004C and 2004D Ambac-insured auction-rate securities. M&T Bank, N.A. (Fitch IDR is 'A-/F1') will be the LOC provider for series 2008H and Wachovia Bank, N.A. (Fitch IDR is 'AA-/F1+') will provide support for series 2008G. The series 2008F bonds are expected to price the week of July 7, 2008 and the series 2008G&H are expect to price the week of July 28, 2008. Fitch expects to assign ratings based on the bank support closer to the time of issuance.
For more information on the rating, see Fitch's new issue report titled 'University of Maryland Medical System,' dated May 7, 2008, available on the Fitch web site at www.fitchratings.com.
UMMS is an integrated health care network, providing hospital and physicians' services from seven hospital locations, multiple primary and specialty care centers and other health related entities throughout the Baltimore region. Its key institution, UMMC, is a full-service tertiary and quaternary academic medical center with 669 licensed beds. UMMS had $1.9 billion in total operating revenue for fiscal year 2007.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
Source: Fitch Ratings
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