S&P ups Centra Health, Va., bond outlook to stable

Standard & Poor's said it revised its outlook on Lynchburg Industrial Development Authority, Va.'s series 2004A, 2004B, 2004C, 2004D, 2004E and 2004F and 1998 bonds issued for Centra Health Inc. to stable from negative, reflecting substantially improved operating results in 2007 following a sizable loss in 2006.

The agency said that the A long-term and underlying ratings on the authority's debt, issued for Centra, are affirmed.

According to S&P, Centra plans to convert its $179.125 million of series 2004A-F bonds from auction-rate mode to variable-rate demand notes. The $93.625 million of series 2004B, 2004C and 2004F bonds will be supported by a letter of credit from Branch Banking & Trust Co. and the $85.5 million of series 2004A, 2004D and 2004E bonds will be supported by a LoC from SunTrust.

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