Moody's rates Catholic Healthcare West, Ariz., bonds Aaa/VMIG1

Moody's Investors Service said it assigned ratings of Aaa/VMIG1 to the Arizona Health Facilities Authority's variable-rate health facility revenue bonds (Catholic Healthcare West project), $75 million of series 2008A, $57 million of series 2008B, $76 million of series 2008C and $74.675 million of series 2008D.

Separately, Moody's said it assigned ratings of Aaa/VMIG1 to the California Statewide Development Authority's variable-rate health facility revenue bonds (Catholic Healthcare West project), $60 million of series 2008C and $60 million of series 2008D.

Moody's also said it assigned ratings of Aaa/VMIG1 to the California Health Facilities Financing Authority's variable-rate health facility revenue bonds (Catholic Healthcare West project), $69.875 million of series 2008A, $52.875 million of series 2008B, $52.8 million of series 2008C, $89 million of series 2008D, $47.825 million of series 2008E and $48.85 million of series 2008F.

All of the bonds are expected to sell on May 15.

The ratings are based on irrevocable, direct-pay letters of credit from Bank of America, NA, which is rated Aaa/P-1 with stable outlook. Catholic Healthcare West has a rating of A2.

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