Fitch Rates Moore Orthopaedic Clinic-Land, SC's $20MM Var/Fixed Rate Bonds Series 2006 'A/F1'.

NEW YORK -- Fitch assigns a rating of 'A/F1' to the $20,000,000 Moore Orthopaedic Clinic-Land, LLC (SC) variable/fixed rate bonds, series 2006. The rating is based on the support provided by an irrevocable, direct-pay letter of credit (LOC) issued by the National Bank of South Carolina, securing the bonds. The bank is obligated to make payments of principal and interest when due, as well as the purchase price for tendered bonds. The rating will expire upon the earliest of: July 15, 2011, the stated expiration date of the LOC, unless such date is extended; any prior termination of the LOC; and defeasance of the bonds. The LOC provides the purchase price for tendered bonds and full coverage of principal plus an amount equal to 42 days' interest at a maximum rate of 12%, based on a 360-day year. The remarketing agent for the bonds is Synovus Securities, Inc. The bonds are expected to be delivered on or about July 27, 2006.

The bonds, which are taxable, initially bear interest at the variable rate, which is set on a weekly basis by the remarketing agent, but may be converted to a fixed interest rate. While bonds bear interest in the variable rate mode, interest payments will be made on the first business day of each month, commencing September 1, 2006. During the variable rate mode, bondholders may tender their bonds on any business day, with seven days' prior notice of the purchase. The bonds are subject to mandatory tender:

--on conversion of the interest rate;

--prior to expiration or termination of the LOC; and

--upon substitution of the LOC. Mandatory and optional redemption provisions also apply to the bonds.

The bond proceeds will be used for acquisition, construction and erecting of a medical office building and surgery center and equipping thereof.

Fitch's rating definitions and the terms of use 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 are also available from the 'Code of Conduct' section of this site.