Fitch gives BBB+ to Upper Chesapeake Health bonds

Fitch Ratings said it assigned an underlying BBB+ rating to Upper Chesapeake Health System's $179.4 million series 2008A-C bonds to be issued through the Maryland Health and Higher Educational Facilities Authority. The outlook is stable.

Proceeds will refund the system's outstanding series 2007A-C bonds.

The series 2008A and 2008B variable-rate demand bonds are expected to price the week of Aug. 4. Series 2008C priced on July 22 and will be issued as unenhanced fixed-rate bonds.

The series 2008A bonds will be supported by a letter of credit from Bank of America, NA (rated AA-/F1+ by Fitch), and series 2008B will be backed by an LoC from Branch Banking & Trust Co. (rated AA-/F1+). Fitch said it will assign ratings based on the LoC support closer to the date of issuance.

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