Fitch ups Sarasota County, Fla., hospital bonds to AA/F1+

Fitch Ratings said it upgraded the short-term rating for Sarasota County, Fla., Public Hospital Board's $80 million of variable-rate hospital revenue bonds (Sarasota Memorial Hospital Project), series 2003A, to AA/F1+ from AA/F1.

There is $77,725,000 of the bonds currently outstanding.

The short-term rating was upgraded in connection with the substitution of a standby purchase agreement from Wachovia Bank, NA for internal liquidity support. The SBPA is expected to be delivered on Feb. 1, Fitch said.

The long-term AA rating, which has been on negative watch since Jan. 18, is based on insurance from Ambac Assurance Corp. The insurance policy will continue to be effective until the bonds mature on July 1, 2037.

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