MOODY'S UPGRADES THE LONG-TERM RATINGS TO Aaa FROM Aa3 AND AFFIRMS THE VMIG 1 SHORT TERM RATINGS OF CHARLOTTE-MECKLENBURG HOSPITAL AUTHORITY D/B/A CAROLINAS HEALTHCARE SYSTEM REFUNDING REVENUE BONDS, SERIES 2005C AND 2005D

Posted on: December 17, 2009, 9:19 pm

NEW YORK, Dec 17, 2009 -- Moody's Investors Service has upgraded to Aaa from Aa3 the long-term ratings and affirmed the VMIG 1 short-term ratings of The Charlotte-Mecklenburg Hospital Authority d/b/a Carolinas HealthCare System (CHS) Variable Rate Health Care Refunding Revenue Bonds Series 2005C and Series 2005D (collectively the Bonds) in conjunction with the delivery of a direct pay letter of credit for each Series from Bank of America, N.A. (BANA or the Bank). Upon the issuance of the letters of credit, December 17, 2009, the long term ratings will reflect Moody's approach to rating jointly supported transactions and are based upon the letters of credit; the underlying ratings assigned to the Bonds; the structure of the transactions, which ensure timely debt service payments to investors; and Moody's evaluation of the credit quality of the Bank. The timely payment of the purchase price is reflected in the short-term rating. The short term rating is based on the short term rating of the Bank. Moody's currently maintains an underlying rating of Aa3 on the Bonds. Bank of America, N.A. is rated Aa3 for its long-term obligations and Prime-1 for its short-term obligations...

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