Correction: Fitch Rates $20.77MM Illinois HFA Revs 1997A (Friendship Village of Schaumberg) 'AAApre'.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- (This is an amended version of a press release issued today and contains revised rating designations in the title and first and second paragraphs.) E[acute accent acute accent n. A mark (´) indicating: a. that a vowel is close or tense, as é in French été. b. that a vowel or syllable has a high or rising pitch, as in Chinese or Ancient Greek. c. ]Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. assigns a rating of 'AAApre' to the $20,770,000 Illinois Health Facilities Authority revenue bonds, series 1997A (Friendship Village of Schaumberg). These bonds were refunded on July 28, 2005 with the proceeds of The Illinois Finance Authority's revenue bonds, series 2005A (Friendship Village of Schaumberg) and funds transferred from the refunded bonds' debt service fund. The refunded bonds will be redeemed on Dec. 1, 2007 at 102%. E[acute accent]The trustee, J.P. Morgan Trust Company, National Association, will hold escrowed funds and securities in a separate irrevocable trust Irrevocable Trust A trust that, once its setup, cannot be changed at all. Notes: This is to prevent fraudulent activities. See also: Exemption Trust, Trust, Unit Trust Irrevocable trust A trust that is unable to be amended, altered, or revoked. fund for the purpose of paying interest, principal, and redemption premium redemption premium See call premium. on all refunded bonds. The 'AAApre' rating reflects this pledge and the investment of all funds in direct obligations of the U.S. E[acute accent]The Arbitrage Group, Inc. verified the mathematical accuracy of debt service computations on the advance refunded bonds and income from the escrowed funds and securities pledged to those bonds, contained in schedules provided to them by Ziegler Capital Markets Group, underwriter for the refunding bonds. In the opinion of The Arbitrage Group, the anticipated receipts from cash and securities deposited in the escrow fund will be sufficient for the timely payment of the principal, interest, and applicable redemption premium on the refunded bonds. E[acute accent]Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. 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 Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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