Moody's assigns Baa1 to Lake Hospital System, Ohio

Moody's Investors Service said it assigned Baa1 unenhanced and underlying ratings to series 2008 revenue bonds totaling $189.705 million issued by Lake Hospital System, Ohio. The outlook is stable.

The series 2008A bonds ($57.5 million) and the series 2008B bonds ($58 million) will be variable-rate demand bonds supported by a letter of credit from JPMorgan Chase Bank, NA. Moody's said it expects to assign a final rating after reviewing the documents. The $74.205 million series 2008C bonds will be fixed-rate bonds.

The expected sale date is June 15.

The 2008 bonds will refund all of the hospital's auction-rate securities, including the series 2004 and series 2007A, as well as refund a bridge loan that refinanced the series 2007B and series 2007C auction-rate securities.

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