Standard&Poor's Ratings Services raised its rating on Salem Hospital Facility Authority, Ore.'s (Salem Hospital Regional Health Services) refunding revenue bonds series 2008C to 'AAA/A-1' from 'AAA/A-2', based on a substitute direct-pay letter of credit (LOC) provided by Bank of America (A+/A-1). The rating is based on joint criteria (assuming low correlation) between Salem Hospital (A+) and the LOC provided by Bank of America. The substitute LOC provides coverage for payment of principal and interest on the bonds, including payment of unremarketed tendered bonds. The LOC provides for 34 days of interest at the 15% maximum rate. The anticipated expiration date of the LOC is Dec. 1, 2013, unless earlier terminated. Upon the expiration date, the rating will be
