Fitch gives AA rating to PeaceHealth, Wash., bonds

Fitch Ratings said it assigned an AA rating to the proposed issuance of $80.8 million revenue refunding bonds, series 2008A, and $86.7 million variable-rate demand revenue bonds, series 2008B-D, to be issued by the Washington Health Care Facilities Authority for PeaceHealth. The outlook is stable.

The series 2008A bonds are expected to be sold during the week of June 16 while the series 2008B-D bonds are expected to be sold the week of June 23 through negotiation.

Fitch expects to provide long-term and short-term ratings on the series 2008B-D bonds at a date nearer to pricing based on letters of credit.

Proceeds will be used to redeem PeaceHealth's outstanding series 2001A-B and series 2005A-B auction-rate securities issued by the Washington Health Care Facilities Authority.

Fitch also affirmed the underlying AA rating on PeaceHealth's $633.1 million of outstanding debt.

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