Fitch Assigns 'A-' to Rockingham Memorial Hospital (Virginia) 2007 Bonds.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 -- 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 long-term rating of 'A-' to the $50 million Harrisonburg (Virginia) Industrial Development Authority (Rockingham Memorial Hospital) auction rate hospital facilities revenue bonds, series 2007. The underlying 'A-' rating on the hospital's outstanding series 2005 and series 2006 bonds is affirmed. The Rating Outlook is Stable. Proceeds of the new issue will be used to redeem a portion of the series 2005 bonds and partially fund the hospital's $280 million replacement facility, currently under construction. The series 2007 bonds will be issued as auction rate securities through Merrill Lynch & Co., with an initial auction date of April 10, 2007. The bonds are expected to be insured by Ambac Assurance Corporation Ambac Assurance Corporation A subsidiary of publicly traded Ambac Financial Group that provides financial guarantees for municipal borrowers and for asset-backed and structured issues. , whose Insurer Financial Strength is rated 'AAA' by Fitch. The issuance of the auction rate securities was contemplated at the time Fitch initially rated the series 2006 bonds. For more information, see Fitch research dated Nov. 30, 2006. Rockingham Memorial Hospital (RMH RMH Ronald McDonald House RMH Rocky Mountain House (Canadian national park) RMH Rochester Methodist Hospital (Rochester, MN) RMH Real Manly Hug RMH Report on Macroeconomics and Health RMH Recent Medical History ) is a sole community provider operating 243 beds in Harrisonburg, Virginia. In September 2006, RMH began construction of a 238-bed replacement facility approximately three miles from its current location. Completion is scheduled for early 2010. RMH covenants to disclose quarterly unaudited and annual audited financial statements to the Nationally Recognized Municipal Securities Information Repositories. Quarterly disclosure includes a balance sheet, income statement, cash flow statement, utilization statistics and management's discussion and analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of results. 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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