Fitch assigns AA/F1+ to Lucile Packard bonds

Fitch Ratings said it assigned an AA/F1+ rating to $93.6 million series 2008A-C bonds issued by the California Health Facilities Financing Authority for Lucile Packard Children's Hospital at Stanford University. The outlook is stable.

The bonds will be sold via negotiation during the week of Aug. 11.

Fitch also affirmed its AA rating on the $117.5 million series 2003A-C revenue bonds issued by the authority for Lucile Packard.

The series 2008A&B bonds are being issued to refund the hospital's outstanding series 2003A and B auction-rate revenue bonds. In July, Lucile Packard used a bank credit facility to purchase and redeem all of its outstanding series 1993 certificates of participation. Thus, the series 2008C bonds are being issued to repay the bank credit facility.

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