Moody's puts Baptist Health, Tenn., debt on watch uncertain

Moody's Investors Service said it placed on watch with uncertain direction the Baa2 rating of Baptist Health System of East Tennessee Obligated Group's $193 million of outstanding debt issued by the Health, Educational and Housing Facilities Board of the County of Knox, Tenn.

The rated debt includes $58.1 million of series 1996 bonds and $135 million of series 2002 bonds.

Of the series 1996 bonds, those maturing in 2007 and 2008 are insured by Ambac, and those maturing in 2011 and 2017 are insured by Connie Lee.

Ambac has a financial strength rating of Aaa on watch for possible downgrade. Connie Lee's insurance policy on the deal has not been rated by Moody's.

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