Moody's Investors Service upgraded Morristown, N.J.-based Atlantic Health System's letter of credit-backed series 2008B revenue bonds to "Aa1" from "Aa2."
Additionally, Moody's maintained the short-term "VMIG 1" rating on AHS' series 2008B revenue bonds.
The health system's series 2008B revenue bonds are supported by a letter of credit provided by Bank of America. The upgrade is a result of the long-term joint analysis based on the counterparty risk assessment of the bank, underlying rating on the bonds and legal protections of the transactions, which ensure timely debt service payments to investors.