This report does not constitute a rating action. S&P Global Ratings' long-term rating and underlying rating (SPUR) on the Vermont Educational&Health Building Financing Agency 's bonds, issued for University of Vermont Medical Center (UVMMC; formerly Fletcher Allen Health Care), is 'A'. In addition, S&P Global Ratings' joint rating on UVMMC's 2008A bonds is 'AA+/A-1'. The outlook is stable. The long-term component of the rating jointly reflects the rating on TD Bank N.A. and the SPUR on UVMMC, assuming low correlation. The short-term component of the rating solely reflects our short-term rating on TD Bank N.A. Securing the bonds is a gross receipts pledge of the obligated group and a mortgage on the medical center campus in Burlington, Vt.
