Moody's rates Scripps Health bonds A1

Moody's Investors Service said it assigned A1 long-term and underlying ratings to Scripps Health's series 2008 refunding bonds, including the series 2008A for $96.495 million, series 2008BC for $91.885 million (supported by an irrevocable direct pay letter of credit from Wachovia Bank), series 2008DE for $91.885 million (supported by an irrevocable direct pay letter of credit from Bank of America), series 2008F for $46.175 million and series 2008G for $40.975 million (both tranches supported an irrevocable direct pay letter of credit from Northern Trust) to be issued by the California Health Facilities Financing Authority.

The agency also upgraded Scripps' outstanding parity debt to A1 from A2.

The outlook is stable.

The 2008 bonds will refund auction-rate bonds and insured floaters, Moody's said, and will not materially increase Scripps' total debt.

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