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Maine Set to Sell $220M Bond to Repay Hospitals
08/22/2013 12:17 PM ET  

Gov. Paul LePage's office says that the liquor operation revenue bond is expected to be sold next week.

AUGUSTA, Maine (AP) _ Maine is gearing up to sell a $220 million bond that will be used to repay the state's hospitals debt for unpaid Medicaid services.

Gov. Paul LePage's office said Thursday that the liquor operation revenue bond is expected to be sold next week.

The bond will be used to pay $183.5 million to Maine's hospitals and will trigger and federal match of $305 million to fully repay the hospitals' more than $400 million dollar debt.

Debt rating agency Standard & Poor has assigned the proposed bond an "A+'' rating with a stable outlook while Moody's assigned their 'A1' rating with a stable outlook.

The Republican governor says in a statement that he is "proud to deliver'' on his promise "to finally pay off this burdensome debt.''


 

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