The rating on Connecticut Health and Education Facility Authority's bonds, issued for William W. Backus Hospital, reflects: * Strong financial profile characterized by growing income; * Excellent liquidity and light leverage; * Dominant market share in its primary service area combined with modest competition in its secondary service area; and * Growing economy. The rating also factors in the withdrawal of the foundation from the obligated group, leaving the hospital as the sole security for the debt. This was anticipated to occur with the refunding of the series C bonds, which is the purpose of this issue. Until the series C bonds are refunded, the 'A+' rating on those bonds is also affirmed. Located in Norwich, the hospital captures 79%
