Fitch Rates Montana Facil. Fin. Auth.'s $7MM Health Care Rev. Bonds 'A+'.SAN FRANCISCO San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden -- Fitch rates the Montana Facility Finance Authority's $6.96 million health care facilities revenue bonds (master loan program - Northern Montana 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 Project, Havre, Montana Havre (IPA [hævɚ]) is a city in Hill County, Montana, United States, said to be named after the city of Le Havre in France.[1][2] The area was originally known as Bullhook Bottoms. ) series 2006A 'A+'. The Rating Outlook is Stable. The bonds will be sold through negotiation by RBC Capital Markets RBC Capital Markets is the corporate and investment banking division of Royal Bank of Canada ("RBC"). Broker dealers Depending on the jurisdiction, the division uses different broker dealer subsidiaries of RBC:
While the bonds are secured by loan repayments made by Northern Montana Health Care, Inc. as the borrower, bondholder Bondholder A firm often has stockholders and bondholders. In a liquidation, the bondholders have first priority. bondholder An individual or institution that owns bonds in a corporation or other organization. security is enhanced by the Montana Board of Investment's irrevocable Unable to cancel or recall; that which is unalterable or irreversible. IRREVOCABLE. That which cannot be revoked. 2. A will may at all times be revoked by the same person who made it, he having a disposing mind; but the moment the testator is and unconditional pledge to make up any deficiency in the debt service reserve fund. Fitch's rating is based on the board's obligation and its substantial resources available, totaling $1.1 billion at June 30, 2005. A similar pledge enhances debt issued by the board itself, although the total amount of all board obligations is small relative to its sizable and secure available funds. The board also provides liquidity for $85.1 million of its own bonds, again holding adequate resources for this need. To date, the board has not had to make any reserve fund replenishment replenishment the addition of an appropriate quantity of properly prepared solution containing the correct concentration of chemicals to the developer solutions used in radiography. deposits for its or the authority's programs, or for liquidity payments. The security provided by the board's back-up pledge remains strong despite increases in debt issuance. Authority and board issuance have risen recently to meet health facility needs and as state departments join local governments as borrowers in the board's programs. Fitch notes the Montana Legislature's increased segregation of board resources for public and private loans (thereby reducing the amount available to meet the debt service reserve fund make up pledge), but also recognizes that the amount available remains very high and recently has stabilized. The board's resources with which to meet its debt service reserve fund make-up pledges remain well in excess of the total bond par covered. The identified funds consist of the Treasurer's Fund (the state's operating fund) and a portion of the Coal Severance Trust Fund (CST CST abbr. 1. Central Standard Time 2. convulsive shock treatment CST Central Standard Time Noun 1. ). The Treasurer's Fund totaled $634.5 million at June 30, 2005, and the CST $708.4 million, with $462.6 million of this available for debt service reserve replenishment if needed. The board's available funds vary in amount throughout the year and have varied over time, ranging from a low of $735.3 million in fiscal 2002 to the current $1.1 billion high. Despite the fluctuation, the available funds remain well in excess of the amount of debt enhanced, which is limited by statute or policy to $240 million outstanding. After this issuance, debt outstanding with a board pledge as security will total $133.3 million, consisting of $85.1 million in board-issued bonds for its local government and state departments loan program (INTERCAP), $45.7 million in Montana Facility Finance Authority debt, and $2.5 million in other commitments. About one-half of the available funds come from the CST; the trust's corpus cannot be invaded without approval by three-quarters of the state legislature A state legislature may refer to a legislative branch or body of a political subdivision in a federal system. The following legislatures exist in the following political subdivisions: 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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