Moody's rates Lake Hospital bonds Aaa/VMIG1

Moody's Investors Service said it assigned a rating of Aaa/VMIG1 to the County of Lake, Ohio, hospital facilities refunding revenue bonds - $57 million series 2008A and $57.5 million series 2008B - issued for Lake Hospital System, Inc.

Sale of the bonds was expected on June 25.

The rating is based in part upon the letter of credit provided by JPMorgan Chase Bank, NA. The underlying rating on the bonds is Baa1; however, Moody's said the documents and the structure of the deal do not conform to the joint support rating methodology and therefore the rating reflects only the rating of the bank.

Moody's rates JPMorgan Chase Bank, NA Aaa for its long-term bank deposits and Prime-1 for its short-term bank deposits. The outlook on JPMorgan is stable.

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