Moody's gives underlying A2 to Memorial Hermann, Texas

Moody's Investors Service said it assigned an underlying A2 rating to Memorial Hermann Healthcare System's $184.8 million of series 2008A variable-rate demand bonds to be issued by the Harris County Health Facilities Development Corp.

The outlook is stable.

The bonds are expected to be insured by FSA with a standby bond purchase agreement from Dexia Credit Local.

Upon review of the insurance policy and standby bond purchase agreement, Moody's expects the bonds to carry an Aaa/VMIG 1 rating based on FSA's Aaa claims paying rating and Dexia's VMIG 1 short-term municipal rating.

Moody's also said it affirmed the A2 underlying and unenhanced ratings on the system's $1.1 billion of debt to remain outstanding.

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