Fitch Rates Hosp Auth of Gwinnett County, Georgia Rev Ctfs 2007A-D '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. has assigned a rating of 'AAA/F1+' to The Hospital Authority of Gwinnett County (GA), $154,065,000 revenue anticipation certificates (Gwinnett Hospital System, Inc. Project) series 2007, consisting of: $33,140,000 series 2007A; $40,590,000 series 2007B; $19,240,000 series 2007C; and $61,095,000 series 2007D (the certificates). The long-term 'AAA' rating assigned to the certificates is based on the support of an insurance policy with respect to each series of certificates, provided by Financial Security Assurance Inc. Each of the insurance policies insures scheduled payments of principal and interest on the respective series of certificates through maturity. The short-term 'F1+' rating on the series 2007A and 2007B certificates is based on the liquidity support of two separate standby bond purchase agreements (SBPAs) provided by SunTrust Bank. The short-term 'F1+' rating on the series 2007C and 2007D certificates is based on the liquidity support of two separate SBPAs provided by DEPFA DEPFA Deutsche Pfandbriefanstalt (German bonds Institution) BANK plc, acting through its New York Branch. Each of the SBPAs provides for the payment, for the series of certificates that it is supporting, of the principal component of purchase price and up to 35 days of interest calculated at a maximum rate of 12%, based on a 365-day year, while the certificates bear interest in the weekly rate mode. The SBPAs will expire on the earlier of: July 26, 2014, the expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. , unless such date is extended, or upon the occurrence of certain events of termination in accordance with the terms of the SBPAs. The short-term rating assigned to the certificates will expire upon the expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created or termination of the SBPAs. U.S. Bank, National Association, as tender agent and trustee, is required to give notice to each of the banks in the event that remarketing proceeds are insufficient to pay purchase price for tendered certificates. The remarketing agent is Citigroup Global Markets Inc. The certificates are expected to be delivered on or about July 26, 2007. The certificates initially bear interest in the weekly rate mode, but may be converted to a daily, long-term, bond interest term or auction rate mode. While the certificates bear interest in the weekly rate mode, interest is payable on the first Wednesday of each month, or if such Wednesday is not a business day, on the next succeeding business day. The first interest payment date for the certificates is August 1, 2007. Holders of certificates bearing interest at a weekly rate mode may tender their certificates for purchase with seven days' prior notice. The certificates are subject to mandatory tender: (i) on each interest rate mode conversion date; (ii) on the first day following the last day of each bond interest term; and (iii) upon the expiration, termination or replacement of the SBPA SBPA Simple Branch Prediction Analysis SBPA Scottish Beer and Pub Association (UK) SBPA School of Business and Public Administration SBPA School-Based Performance Award SBPA School-Based Performance Awards , including upon the occurrence of certain events of default under the SBPA. However, the certificates will not be subject to mandatory tender if the SBPA terminates or is suspended immediately pursuant to its terms. Proceeds of the series 2007A certificates will be used to advance refund all of the authority's outstanding series 1997B certificates; proceeds of series 2007B will be used to current refund all of the authority's outstanding 2004A certificates; proceeds of series 2007 C&D will be used to finance or refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. in whole or in part, the cost of the acquisition, construction, renovation, expansion and equipping e·quip tr.v. e·quipped, e·quip·ping, e·quips 1. a. To supply with necessities such as tools or provisions. b. of certain medical facilities and equipment owned or operated by GHS GHS Globally Harmonized System (of Classification and Labeling of Chemicals) GHS Greenwich High School (Connecticut) GHS Green Hills Software, Inc. or its affiliates located in Gwinnett County, GA. For information on the underlying long-term rating assigned to these certificates, see Fitch's press release of May 29, 2007 at www.fitchratings.com. 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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