Moody's rates Care New England, R.I., bonds Aaa/VMIG 1

Moody's Investors Service said it assigned an Aaa/VMIG 1 rating to the Rhode Island Health and Educational Building Corp. hospital financing revenue bonds, Care New England issue, series 2008A and series 2008B.

The series 2008A bonds have a principal amount of $46.73 million, and the 2008B bonds have a principal amount of $38.21 million. They have an expected sale date of Feb. 1.

The rating is partly based on a letter of credit provided by JPMorgan Chase Bank, NA. The bank has an Aaa long-term rating and a Prime-1 short-term rating with stable outlook from Moody's.

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