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Fitch Rates New Catholic Health Initiatives Issues 'AA/F1+'; Affirms Outstanding at 'AA/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 assigns a rating of 'AA/F1+' to the $200,000,000 Montgomery County Montgomery County may refer to:
  • Montgomery County, Alabama
  • Montgomery County, Arkansas
  • Montgomery County, Georgia
  • Montgomery County, Illinois
  • Montgomery County, Indiana
  • Montgomery County, Iowa
  • Montgomery County, Kansas
, OH variable rate revenue bonds, series 2006B issued on behalf of Catholic Health Initiatives (CHI). Fitch also assigns an 'AA' rating to the $450,000,000 Colorado Health Facilities Authority, variable rate revenue bonds, series 2006C and the $100,000,000 Montgomery County, OH variable rate revenue bonds, series 2006C issued on behalf of CHI. Certain series of bonds for the 2006C bond issue will be insured by FGIC FGIC

See Financial Guaranty Insurance Corporation (FGIC).
 and FSA FSA Financial Services Authority
FSA Food Standards Agency (UK)
FSA Farm Service Agency (USDA)
FSA Financial Services Agency (Japan) 
 whose insurer financial strength is rated 'AAA' by Fitch. Fitch also affirms its 'AA' rating to the approximately $1.6 billion outstanding bonds issued on behalf of Catholic Health Initiatives, listed below, and its 'F1+' short-term rating based on CHI's internal liquidity to the approximately $163.4 million outstanding bonds, also listed below. For certain series, the 'AA' rating represents an underlying rating. The Rating Outlook is Stable. The bonds are expected to sell the week of Nov. 9th via negotiation by UBS UBS Union Bank of Switzerland
UBS United Bible Societies
UBS United Blood Services
UBS United Buying Service
UBS Used Bookstore
UBS University Business Services
UBS Universal Building Society (UK)
UBS Ulaanbaatar Broadcasting System
 Securities LLC (Logical Link Control) See "LANs" under data link protocol.

LLC - Logical Link Control
 and J.P. Morgan Securities, Inc.

Bond proceeds will be used to finance certain capital improvements and equipment acquisitions at the facilities owned and/or operated by members of the CHI credit Group and/or to reimburse CHI for amounts expended ex·pend  
tr.v. ex·pend·ed, ex·pend·ing, ex·pends
1. To lay out; spend: expending tax revenues on government operations. See Synonyms at spend.

2.
 by those members for these purposes.

Outstanding debt:

-- $30.9 million City of Breckenridge, Minnesota Breckenridge is a city in Wilkin County, Minnesota, United States. The population was 3,559 at the 2000 census. It is the county seat of Wilkin County6.

Breckenridge's twin city is Wahpeton, North Dakota.
 revenue bonds (Catholic Health Initiatives), series 2004A;

-- $71.4 million Montgomery County, Ohio revenue bonds (Catholic Health Initiatives), series 2004A;

-- $59.0 million Hospital Facility Authority of Umatilla County, Oregon Umatilla County (IPA: [ˈu mə ˌtɪ lə]) is located in the U.S. state of Oregon. The county is named for the Umatilla River. In 2000, its population was 70,548. The county seat is Pendleton.  revenue bonds (Catholic Health Initiatives), series 2004A;

-- $56.8 million Kentucky Economic Development Finance Authority auction-rate securities (Catholic Health Initiatives), series 2004D;

-- $32,410,000 Colorado Health Facilities Authority revenue bonds (Catholic Health Initiatives), series 2002A;

-- $7,910,000 Hospital Facility Authority of Umatilla County, Oregon revenue bonds, (Catholic Health Initiatives) series 2002A;

-- $53,700,000 Colorado Health Facilities Authority variable-rate demand bonds (Catholic Health Initiatives), series 2002B;

-- $64,900,000 Washington Health Care Facilities Authority variable-rate demand bonds (Catholic Health Initiatives) (Catholic Health Initiatives), series 2002B;

-- $192,315,000 Colorado Health Facilities Authority revenue bonds (Catholic Health Initiatives), series 2001;

-- $28,985,000 Kentucky Economic Development Finance Authority revenue bonds (Catholic Health Initiatives), series 2001;

-- $59,225,000 Montgomery County, Ohio revenue bonds (Catholic Health Initiatives), series 2001;

-- $13,450,000 Iowa Finance Authority revenue bonds (Catholic Health Initiatives), series 2000A;

-- $30,475,000 Kentucky Economic Development Finance Authority revenue bonds (Catholic Health Initiatives), series 2000A;

-- $8,010,000 Maryland Health and Higher Educational Facilities Authority revenue bonds (Catholic Health Initiatives), series 2000A;

-- $26,455,000 Montgomery County, Ohio revenue bonds (Catholic Health Initiatives), series 2000A;

-- $5,510,000 Hospital Facility Authority of Umatilla County, Oregon revenue bonds (Catholic Health Initiatives), series 2000A;

-- $15,415,000 Washington Health Care Facilities Authority revenue bonds, (Catholic Health Initiatives), series 2000A;(*)

-- $34,600,000 Pulaski County, Arkansas Pulaski County is the largest county by population in the U.S. state of Arkansas with a population of 361,474 at the 2000 United States Census. Its county seat is at Little Rock which is also Arkansas' capital & largest city.  Health Facilities Board variable-rate demand revenue bonds (Catholic Health Initiatives), series 2000B;

-- $73,800,000 Colorado Health Facilities Authority variable-rate demand revenue bonds (Catholic Health Initiatives), series 2000B;

-- $89,300,000 The Health, Educational and Housing Facility Board of City of Chattanooga, Tennessee “Chattanooga” redirects here. For other uses, see Chattanooga (disambiguation).
Chattanooga is the fourth-largest city in Tennessee (after Memphis, Nashville, and Knoxville), and the seat of Hamilton CountyGR6
 (Catholic Health Initiatives), series 1998A;

-- $53,435,000 Colorado Health Facilities Authority revenue bonds (Catholic Health Initiatives), series 1998A;

-- $16,445,000 The Industrial Development Authority of the City of Joplin, Missouri Joplin is a city located in parts of southern Jasper County and northern Newton County in the southwestern corner of Missouri. Joplin is the largest city in Jasper County, though it is not the county seat.  revenue bonds (Catholic Health Initiatives), series 1998A;

-- $77,710,000 Kentucky Economic Development Finance Authority revenue bonds (Catholic Health Initiatives), series 1998A;

-- $28,140,000 Pulaski County, Arkansas Health Facilities Board revenue bonds (Catholic Health Initiatives), series 1998A;

-- $24,310,000 Polk County, Iowa Polk County is a county located in the U.S. state of Iowa. As of 2000, the population was 374,601. The 2006 estimate is 408,888.[2] Its county seat is Des Moines6, which is also the capital city of Iowa. , revenue bonds (Catholic Health Initiatives), series 1998A;

-- $18,015,000 Kansas Development Finance Authority revenue bonds (Catholic Health Initiatives), series 1998J;

-- $11,600,000 Colorado Health Facilities Authority revenue bonds (Catholic Health Initiatives), series 1997A;

-- $7,665,000 City of Dickinson, ND, revenue bonds (Catholic Health Initiatives), series 1997A;

-- $29,555,000 The Industrial Development Authority of the City of Joplin, MO, revenue bonds (Catholic Health Initiatives), series 1997A;

-- $39,795,000 Nebraska Investment Finance Authority revenue bonds (Catholic Health Initiatives), series 1997A;

-- $30,115,000 Polk County Polk County is the name of twelve counties in the United States, all except two named after president of the United States James Knox Polk:
  • Polk County, Arkansas
  • Polk County, Florida
  • Polk County, Georgia
  • Polk County, Iowa
  • Polk County, Minnesota
, IA, revenue bonds (Catholic Health Initiatives), series 1997A;

-- $34,300,000 Montgomery County, OH, revenue bonds (Catholic Health Initiatives), series 1997A;

-- $58,205,000 Washington Health Care Facilities Authority revenue bonds (Catholic Health Initiatives), series 1997A;(*)

-- $106,100,000 Colorado Health Facilities Authority variable-rate demand revenue bonds (Catholic Health Initiatives), series 1997B;(*)

-- $18,600,000 Maryland Health and Higher Educational Facilities Authority variable-rate demand revenue bonds (Catholic Health Initiatives), series 1997B;

-- $32,100,000 Montgomery County, OH, variable-rate demand revenue bonds (Catholic Health Initiatives), series 1997B;

-- $11,400,000 Saint Mary Hospital Authority variable-rate demand revenue bonds (Catholic Health Initiatives), series 1997B;

-- $12,600,000 Hospital Facility Authority of Umatilla County, OR, variable-rate demand revenue bonds (Catholic Health Initiatives), series 1997B;

-- $970,000 City of Garden City, KS, health facilities revenue bonds, series 1995C;

-- $7,320,000 Hospital Authority #2 of Douglas County Douglas County is the name of twelve counties in the United States:
  • Douglas County, Colorado (Located in the Denver-Aurora Metropolitan Area)
  • Douglas County, Georgia (Located in the Atlanta Metropolitan Area)
  • Douglas County, Illinois
  • Douglas County, Kansas
, NE, health facilities revenue bonds, series 1995C;

-- $3,595,000 Hospital Facility Authority of Ontario, OR, health facilities revenue bonds, series 1995C;

-- $11,580,000 City of Williston, ND, health facilities revenue bonds, series 1995C;

-- $6,515,000 St. Mary Hospital Authority, hospital revenue refunding bonds (Franciscan Health System Hospital Issue), series 1989A;

-- $14,500,000 Township of Bruce Hospital Financing Authority, MI, SCHCS adjustment-rate tender securities (ARTS) 1988A;

-- $1,200,000 Township of Bruce Hospital Financing Authority, MI, SCHCS adjustment-rate tender securities (ARTS) 1988B;

(*) These issues are insured by MBIA MBIA Montana Building Industry Association
MBIA Municipal Bond Insurance Association
MBIA Michigan Boating Industries Association
MBIA Municipal Bond Investors Assurance
MBIA Massachusetts Brain Injury Association
MBIA Maryland Business Incubation Association
 Insurance Corp., whose insurer financial strength is rated 'AAA' by Fitch. For these issues, 'AA' is an underlying rating, given without consideration of such credit enhancement Credit Enhancement

A method whereby a company attempts to improve its debt or credit worthiness.

Notes:
Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing
.

Outstanding Bonds with short-term 'F1+' rating:

-- $58.9 million Health, Education and Housing Facility Board of the City of Chattanooga, Tennessee variable-rate demand bonds (Catholic Health Initiatives), series 2004C;

-- $37.8 million Kentucky Economic Development Finance Authority variable-rate demand bonds (Catholic Health Initiatives), series 2004C.

-- $66.7 million St. Mary Hospital Authority, Pennsylvania variable-rate demand bonds (Catholic Health Initiatives), series 2004C;

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.
COPYRIGHT 2006 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2006, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:Nov 8, 2006
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