Standard&Poor's Ratings Services today raised its rating on Rhode Island Health And Educational Building Corp.'s $22.935 million higher education facility revenue refunding bonds series 2008A (for the Roger Williams University project) due Nov. 15, 2024, to 'AA-/A-1+' from 'A/A-1' following the replacement of the letter of credit (LOC) that Bank of America N.A ('A/A-1') had provided with a new LOC from U.S. Bank N.A. (' AA-/A-1+'). The 'AA-/A-1+' rating reflects our opinion of the credit and liquidity support that U.S. Bank N.A. provides in the form of an irrevocable direct-pay LOC. Under the LOC, U.S. Bank N.A. fully supports all bond payment obligations when the bonds are in the weekly and monthly rate modes. Therefore, our rating applies
