S&P rates Palmetto Health, S.C., bonds BBB+

Standard & Poor's said it assigned a BBB+ underlying rating to South Carolina Jobs Economic Development Authority's $43.8 million series 2008A and $49.4 million series 2008B variable-rate demand obligations, which will be issued on behalf of Palmetto Health Alliance.

The bonds will be credit enhanced by a Bank of America (AA+) direct-pay letter of credit.

The outlook is stable.

Proceeds from the series 2008A bonds will refinance a $47.2 million taxable line of credit that was used to refund series 2005B Radian Asset Assurance Inc.-insured bonds on April 18. Series 2008B bond proceeds will partially refund series 2007 index floaters. The remaining $70 million outstanding under the series 2007 issuance will remain in place.

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