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Moody's gives Aaa/VMIG 1 to St. Cloud, Minn., health care bonds
Moody's Investors Service said it assigned an Aaa/VMIG 1 rating to $200 million of health care variable-rate demand revenue bonds (CentraCare Health System Project) from the City of St. Cloud, Minn.
The bonds consist of $70 million of series 2008A bonds, $70 million of series 2008B bonds and $60 million of series 2008C bonds.
The rating is based on insurance provided by Assured Guaranty Corp. and three liquidity facilities. Standby bond purchase agreements were provided by JPMorgan Chase Bank NA for series 2008A, Bank of Nova Scotia for series 2008B and Royal Bank of Canada for series 2008C.
JPMorgan is rated Aaa/P-1 by Moody's, Bank of Nova Scotia is rated Aa1/P-1 and RBC is rated Aaa/P-1. Assured is rated Aaa.
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