Moody’s Investors Service Tuesday upgraded to Aa1/VMIG 1 from Aa3/VMIG 1 the rating assigned to Leesburg revenue bonds issued on behalf of the Villages Regional Hospital project.

The upgrade, affecting $75 million of Series 2006 bonds, was in conjunction with the issuance of a letter of credit from the Bank of Nova Scotia. The bonds also were supported by an insurance policy from Radian Asset Assurance Inc. and a standby bond purchase agreement provided by the bank, which was cancelled when the LOC was issued, said a report by analyst Michael Loughlin.

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