Moody's Investors Service affirmed the "Aa2/VMIG 1" rating on the Paulding (Ohio) County Hospital Authority's Series 2012B letter of credit-backed revenue anticipation certificates.
A substitute letter of credit will be provided by Bank of America to support the certificates and the level of default dependence between Marietta, Ga.-based WellStar Health System and Bank of America will be reassessed.
Effective June 16, the bonds will be supported by the Bank of America.
The affirmation is based on a joint default analysis which takes into account a number of factors such as the long-term Ccounterparty risk assessment of the bank, underlying rating of the certificates, probability in default payment by the bank and the obligor and the legal protections and structure of the transaction.