Moody's Investors Service affirmed the "Aa2" long-term rating and "VMIG 1" short-term rating on the Children's Hospital of Philadelphia's series 2011A bonds.
The ratings agency notes the hospital's current standby bond purchase agreement is scheduled to be replaced March 8. Once the substitution is complete, the ratings will be based on the short-term counterparty risk assessment of the SBPA provider, the long-term rating on the bonds and Moody's Investors Service's assessment of the likelihood of an early termination of the SBPA without a mandatory tender.