Moody’s assigns ‘Aa2’ rating to custodial receipts

Moody’s Investors Service assigned its “Aa2” rating to the letter of credit-backed series 2017-2 custodial receipts provided by JPMorgan Chase Bank signifying beneficial ownership of revenue bonds issued by Maryland Health and Higher Educational Services Authority on behalf of  Columbia, Md.-based MedStar Health.

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The assignment is based on the letter of credit provided by the bank and the safeguards in place surrounding the transaction, which will result in appropriate debt service coverage and payments to the purchasers. Additionally Moody’s acknowledged the credit quality and counterparty risk assessment of the bank. 

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