Fitch Rates Maryland Health & Higher Educ Facils Auth John Hopkins 2007C 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 $12,215,000 Maryland Health and Higher Educational Facilities Authority revenue bonds, The Johns Hopkins Health System 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 Issue, series 2007C. The long-term 'AAA' rating assigned to the bonds is based on the support of a financial guaranty insurance policy provided by Financial Guaranty Insurance Company, which insures scheduled payments of principal and interest on the bonds, effective as of the date of issuance of the bonds. The insurance policy will extend to the maturity date of the bonds, May 15, 2027. The short-term 'F1' rating is based on the liquidity support of a standby bond purchase agreement (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 ) provided by PNC PNC Purdue University North Central (Westville, Indiana) PnC Point 'n Click PNC Police National Computer PNC People's National Congress (Guyana) PNC People's National Congress Bank, National Association. The SBPA provides for the payment of the purchase price of tendered bonds during the variable-rate mode, and is sized to cover the principal portion of the purchase price and 35 days of interest at the maximum interest rate of 10%, based upon a year of 365 days. The SBPA will expire on the stated expiration date of Oct. 25, 2012, unless such date is extended, or upon the occurrence of certain events of termination as specified in the SBPA. Fitch's short-term rating will expire upon any expiration or termination of the SBPA. The underwriter and remarketing agent for the bonds is PNC Capital Markets LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . The bonds are expected to be delivered on or about Oct. 25, 2007. The bonds initially bear interest in the weekly rate, but may be converted to a short-term or long-term rate mode. While bonds bear interest in the weekly or short-term rate modes, interest is payable on the first business day of each month, commencing Nov. 1, 2007. During the weekly and short-term rate modes, holders have the option to tender their bonds on any business day, following required notice to the remarketing agent and trustee. The bonds are subject to mandatory tender: on each conversion date; upon the expiration, termination or substitution of the SBPA; during the weekly or short-term rates, on any business day selected by the Authority following at least 20 days' notice to the trustee; and in the long-term rate or a short-term rate longer then one month, the day after the last day of each rate period. Optional and mandatory redemption provisions also apply to the bonds pursuant to the terms of the documents. The proceeds of the bonds will be used to finance renovations to and equipment for the Johns Hopkins Bayview Medical Center Johns Hopkins Bayview Medical Center, formerly known as Francis Scott Key Medical Center and Baltimore City Hospital, is a hospital and medical office center in East Baltimore. It is located along Eastern Avenue near Bayview Boulevard. , Inc., which is a member of the Johns Hopkins Health System Corporation and a member of the John Hopkins Hospital Obligated Group. 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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