S&P rates Hospital Sisters Services, Ill., bonds AA/A-1+

Standard & Poor's said it assigned its AA/A-1+ rating to the Illinois Finance Authority's $124.8 million series 2008A bonds and the Wisconsin Health and Educational Facilities Authority's $20.02 million series 2008B and $69.85 million series 2003B bonds, all issued on behalf of Hospital Sisters Services Inc., Ill.

S&P also affirmed the AA underlying rating on the two authorities' series 2007 bonds.

Proceeds of the 2008 bonds will be used to refund the series 1998A and 1998B bonds.

Hospital Sisters Services will convert its auction-rate series 2003A, 2007B1, B2, and C bonds to variable-rate demand bonds on June 17.

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