Fitch Rates Ascension Health's 2006 Taxable Auction-Rate Notes 'AA+'.

NEW YORK -- Fitch assigns a long-term rating of 'AA+' to the $41,000,000 Tucson Heart Hospital - Carondelet, L.L.C. auction-rate notes (Ascension Health Senior Credit Group).

Proceeds of the bonds will be used to reimburse Ascension Health for a promissory note issued on behalf of the Carondelet Health Network, which was used to finance a portion of the costs of developing, constructing, equipping and operating a heart hospital in Tucson. The notes will be general obligations of the Tucson Heart Hospital and guaranteed by Ascension Health. The bonds will be priced through negotiation by Morgan Stanley on or about Nov. 14, 2006.

In addition Fitch affirms the outstanding debt issues of Ascension as follows:

The following outstanding debt issued on behalf of Ascension Health Credit Group are affirmed at AA+/F1+ or AA/F1+ (par amounts represent initial issuance amounts):

Escambia County Health Facilities Authority

--$169,415,000, series 2003A.

--$41,105,000, series 2002C.

Michigan State Hospital Finance Authority

--$525,400,000, series 2003B.

--$47,205,000, series 2002B.

--$103,305,000 revenue bonds, series 1999A (insured: MBIA);

--$340,000,000 variable-rate revenue bonds, series 1999B;

Missouri Health and Education Facilities Authority

--$295,375,000, series 2003C.

Idaho Health Facilities Authority

--$24,700,000, series 2003D.

Jacksonville Health Facilities Authority

--$49,300,000 revenue bonds, series 2002A.

Wisconsin Health and Educational Facilities Authority

--$120,000,000 Revenue bonds series 2006A

--$59,025,000 auction-rate securities, series 2002D.

Indiana Health Facilities Financing Authority

--$95,580,000 Revenue bonds series 2006B-1

--$101,010,000 Revenue bonds series 2006B-2

--$95,080,000 Revenue bonds series 2006B-3

--$101,500,000 Revenue bonds series 2006B-4

--$95,280,000 Revenue bonds series 2006B-5

--$96,125,000 Revenue bonds series 2006B-6

--$34,900,000 auction-rate notes, series 2002E.

--$71,935,000 revenue bonds, series 2002F.

--$400,800,000 revenue bonds, series 2001A1-4;

--$490,700,000, series 2003E.

--$105,300,000 variable-rate revenue bonds, series 1999B;

--$28,020,000 revenue bonds (Charity Obligated Group), series 1999D.

Health and Educational Facilities Board of The Metropolitan Government of Nashville and Davidson County, Tennessee 

--$181,500,000 revenue bonds, series 2001B;

Alabama Special Care Facilities Financing Authority of Mobile

--$101,375,000 Revenue bonds series 2006D

--$105,700,000 variable-rate revenue bonds, series 1999B;

Alabama Special Care Facilities Financing Authority of Birmingham

--$43,320,000 Revenue bonds series 2006C-1

--$95,800,000 Revenue bonds series 2006C-2

--$100,000,000 variable-rate revenue bonds, series 1999B;

State of Connecticut Health and Educational Facilities Authority

--$38,900,000 variable-rate revenue bonds, series 1999B;

City of Pottsville Hospital Authority

--$8,500,000 revenue bonds, series 1999A (insured: Ambac);

Travis County Health Facilities Development Corporation

--$64,745,000 revenue bonds, series 1999A (insured: Ambac and MBIA);

Waco Health Facilities Development Corporation

--$5,010,000 revenue bonds, series 1999A;

Fitch also affirms the following subordinate bonds at 'AA':

Alabama Special Care Facilities Financing Authority of Birmingham (Ascension Health Subordinate Credit Group)

--$10,000,000 revenue bonds series 2005A-1;

--$3,080,000 revenue bonds series 2005A-2;

Indiana Health Facility Financing Authority (Ascension Health Subordinate Credit Group)

--$67,415,000 revenue bonds, series 2005A-1;

--$66,890,000 revenue bonds, series 2005A-2;

--$47,590,000 revenue bonds, series 2005A-3;

--$15,530,000 revenue bonds, series 2005A-4;

--$37,725,000 revenue bonds, series 2005A-5;

--$28,215,000 revenue bonds, series 2005A-6;

--$56,285,000 revenue bonds, series 2005A-7;

--$56,025,000 revenue bonds, series 2005A-8;

--$37,305,000 revenue bonds, series 2005A-9;

--$37,200,000 revenue bonds, series 2005A-10;

Michigan State Hospital Finance Authority (Ascension Health Subordinate Credit Group)

--$18,650,000 revenue bonds, series 2005A-1;

--$18,600,000 revenue bonds, series 2005A-2;

--$55,900,000 revenue bonds, series 2005A-3;

--$55,825,000 revenue bonds, series 2005A-4.

Fitch also affirms the following bonds at 'AA+/F1+'

Indiana Health Facility Financing Authority (Ascension Health Subordinate Credit Group)

--$67,415,000 revenue bonds, series 2005A-1;

Indiana Health Facility Financing Authority

--$66,890,000 revenue bonds, series 2005A-2.

Below are a list of debt issues that will be current refunded with the Series 2006 bonds.

Alabama Special Care Facilities Financing Authority of Birmingham

--$100,000,000 variable-rate revenue bonds, series 1999B;

Alabama Special Care Facilities Financing Authority of Mobile

--$105,700,000 variable-rate revenue bonds, series 1999B;

Indiana Health Facilities Financing Authority

--$105,300,000 variable-rate revenue bonds, series 1999B;

--$100,000,000 revenue bonds, series 2001A-3;

--$100,800,000 revenue bonds, series 2001A-4;

Health and Educational Facilities Board of The Metropolitan Government of Nashville and Davidson County, Tennessee

--$100,000,000 revenue bonds, series 2001B;

The Rating Outlook is Stable. For additional information on Ascension Health's rating see Fitch's recent press release dated Oct. 19, 2006 available on the Fitch Ratings web site at www.fitchratings.com.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.