Moody's gives A1 to Yale-New Haven Hospital, Conn.

Moody's Investors Service said it assigned initial A1 underlying ratings to Yale-New Haven Hospital's $111.3 million of series K variable-rate demand obligations (VRDOs) and $107.3 million of series L VRDOs revenue and refunding bonds to be issued through the Connecticut Health and Educational Facilities Authority.

The outlook is positive.

Series K is expected to be supported by a letter of credit (LoC) from JPMorgan Chase Bank. Series L is expected to be supported by an LoC from Bank of America.

Moody's said it will assign primary ratings based on the LoCs later.

Sale of the bonds is expected on April 16.

Moody's also said it assigned an initial A1 underlying rating to the hospital's series J-1 fixed-rate bonds that were issued in September 2006 and are insured by Ambac, which is rated Aaa with negative outlook.

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