Cal-Mortgage Receives `AA' Credit Rating From Fitch.Business Editors SACRAMENTO, Calif.--(BUSINESS WIRE)--March 22, 2001 Fitch fitch: see polecat. , a national rating agency, has assigned as·sign tr.v. as·signed, as·sign·ing, as·signs 1. To set apart for a particular purpose; designate: assigned a day for the inspection. 2. an "AA" credit rating to the Cal-Mortgage Loan Insurance Program of the Office of Statewide Health Planning and Development (OSHPD OSHPD Office of Statewide Health Planning and Development (California Health and Human Services Agency) ), the state office that provides loan insurance to nonprofit A corporation or an association that conducts business for the benefit of the general public without shareholders and without a profit motive. Nonprofits are also called not-for-profit corporations. Nonprofit corporations are created according to state law. health care facilities in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). . While Standard & Poors has rated Cal-Mortgage for many years, this is the first time that Fitch has rated the program. Voters created Cal-Mortgage in 1968 to improve access to capital for needed health care facilities without cost to the taxpayers. Administered by OSHPD, Cal-Mortgage makes it possible for nonprofit health care and other public facilities to obtain private financing to develop or expand their facilities and services. At the end of last year, Cal-Mortgage had $951 million in insured loans for facilities throughout the state. The law provides that if a facility with an OSHPD insured loan defaults on its mortgage or bond payments, OSHPD will pay the debt from the Health Facility Construction Loan Insurance Fund. This assures lenders that the insured mortgage or bond issue will be paid without interruption INTERRUPTION. The effect of some act or circumstance which stops the course of a prescription or act of limitation's. 2. Interruption of the use of a thing is natural or civil. . Cal-Mortgage is modeled after the federal home mortgage program and is aimed specifically at the following kinds of health care facilities: -- Projects in medically underserved areas or those that serve medically underserved populations -- Projects that promote access to primary care services -- Projects that provide services to keep with special needs functioning optimally in a community-based environment -- Projects that provide innovative solutions to health care delivery program, such as promoting efficient health care networks in rural areas. |
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