Fitch Rates Adventist Health System/Sunbelt (FL) 2006A&B Hosp Revs 'AAA/F1+'.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 rating of 'AAA/F1+' to the $85,955,000 Highlands County Health Facilities Authority, hospital revenue refunding bonds refunding bond A bond that is issued for the purpose of retiring an outstanding bond. Issuers refund bond issues to reduce financing costs, eliminate covenants, and alter maturities. See also crossover refunding bonds, prerefunding. (Adventist Health System/Sunbelt Obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. Group), series 2006A, consisting of: -$29,515,000 series 2006A-1 bonds, maturing Nov. 15, 2030; -$56,440,000 series 2006A-2 bonds, maturing Nov. 15, 2031, and the $85,955,000 Highlands County Health Facilities Authority, hospital revenue refunding bonds, (Adventist Health System/Sunbelt Obligated Group), series 2006B, consisting of: -$11,335,000 series 2006B-1 bonds, maturing Nov. 15, 2028; -$29,435,000 series 2006B-2 bonds, maturing Nov. 15, 2030; -$45,185,000 series 2006B-3 bonds, maturing Nov. 15, 2031. The long-term 'AAA' rating assigned to the bonds is based on the support provided by municipal bond insurance Municipal bond insurance An insurance policy which guarantees payment on municipal bonds in the event of default . municipal bond insurance A guarantee from a third party that principal and interest will be paid to a bondholder. policies issued by Financial Security Assurance Inc. with respect to the series 2006A bonds, and Financial Guaranty As a verb, to agree to be responsible for the payment of another's debt or the performance of another's duty, liability, or obligation if that person does not perform as he or she is legally obligated to do; to assume the responsibility of a guarantor; to warrant. Insurance Company with respect to the series 2006B Bonds. The policies, which insure scheduled payments of principal and interest, extend to the maturity of the bonds. The short-term 'F1+' rating on the bonds is based on the liquidity support of the standby bond purchase agreements (SBPAs) provided by Dexia Credit Local, acting through its New York Branch. The SBPAs provide for the payment of the principal component of purchase price and up to 35 days of interest calculated at a maximum rate of 12% per annum Per annum Yearly. based on a year of 365/366 days. The SBPAs will expire on March 31, 2013, unless extended or earlier terminated pursuant to their terms. The remarketing agents for the bonds are: AmSouth Bank for series 2006A-1; B.C. Ziegler and Company for series 2006A-2 and 2006B-1; Fifth Third Securities, Inc. for series 2006B-2; and Citigroup Global Markets Inc. for series 2006B-3. The bonds are expected to be delivered on March 31, 2006. The bonds initially bear interest in the weekly rate mode, but may be converted to bear interest in the flexible, daily, one-month, six-month, one-year, multiple-year, fixed, or auction-rate modes. While the bonds bear interest in the daily, weekly, or one-month rate modes, interest is payable on the first business day of each month, commencing May 1, 2006. Holders of bonds bearing interest at a daily or weekly rate mode may tender their bonds for purchase with prior notice. The bonds are subject to a mandatory tender upon changes in interest rate modes, upon the expiration or substitution of the SBPAs, and upon the occurrence of certain events of default under the SBPAs. The bonds are also subject to mandatory and optional redemption provisions. The proceeds of the bonds will be used to advance refund prior 2001A bonds. 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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