Moody's rates Southcoast Health, Mass., bonds A2

Moody's Investors Service said it assigned an A2 underlying rating to Southcoast Health System's $53 million of series 2008C variable-rate demand bonds to be issued by the Massachusetts Health and Educational Facilities Authority. The outlook is stable.

At this time, Moody's affirmed its A2 underlying rating on $70.2 million of debt to remain outstanding.

Sale of the bonds was expected on May 15.

The series 2008C bond proceeds will be used to repay a bank loan that was used to call the series 2004B auction-rate securities and pay the costs of issuance. The series 2004B bonds were called in their entirety on April 1, 2008.

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