Fitch assigns A- to Anne Arundel Health bonds

Fitch Ratings said it assigned an A- rating to $180 million Maryland Health and Higher Educational Facilities Authority revenue bonds, series 2008A & B, issued for Anne Arundel Health System.

Fitch also affirmed the underlying rating on about $204.9 million outstanding revenue bonds issued on behalf of Anne Arundel Health System, including $61.45 million of series 2004B revenue bonds which will be converted to variable-rate mode from auction-rate mode.

The outlook is stable.

The series 2008A bonds ($60 million) will be issued as unenhanced fixed-rate bonds, and the series 2008B bonds ($120 million) will be issued as variable-rate demand bonds.

Fitch said it will assign ratings closer to the date of issuance based on a standby purchase agreement from Dexia Credit Local (rated AA+/F1+).

Series 2008A bonds are expected to price the week of July 28, while the series 2008B bonds are expected to price the week of Aug. 11.

Proceeds will be used to fund a construction of a new patient tower at the Anne Arundel Medical Center.

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