Fitch Releases Nonrated Descriptive Report on Clare Oaks in Bartlett, IL.CHICAGO -- 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. released its nonrated descriptive report on the approximately $110.925 million Illinois Finance Authority revenue bonds (Clare Oaks Project), series 2006A-D A-D Advance-Decline, or measurement of the number of issues trading above their previous closing prices less the number trading below their previous closing prices over a particular period. . Fitch's descriptive credit report provides analysis of significant credit factors and includes Fitch's evaluation of the strengths and risks surrounding this credit. No request was made for a rating on this transaction, and Fitch did not review all information or complete all procedures necessary to reach a final credit rating. Generally, Fitch regards unenhanced debt issued with financial characteristics similar to the described facility as being below investment grade. The bonds are expected to be priced the week of June 26, 2006 by Ziegler Capital Markets Group. Clare Oaks (the corporation) will use the proceeds of the series 2006 A-D bonds, together with other funds, to construct and equip a type B continuing care retirement community (CCRC Noun 1. CCRC - an agency in the Department of Defense that is a national center for research on all aspects of injury control and casualty care Casualty Care Research Center ) in the village of Bartlett, IL , approximately 37 northwest of Chicago. The corporation is an Illinois not for-profit corporation which is sponsored by the Sisters of St. Joseph of the Third Order of St. Francis The Sisters of St. Joseph of the Third Order of St. Francis is a Roman Catholic, Franciscan religious order for women.The order was founded in 1901. The mother house is in Stevens Point, Wisconsin in the Diocese of La Crosse. External links
Established in 1901, SSJ-TOFS members are located in 15 different states and have dedicated themselves to the care of the elderly and infirm INFIRM. Weak, feeble. 2. When a witness is infirm to an extent likely to destroy his life, or to prevent his attendance at the trial, his testimony de bene esge may be taken at any age. 1 P. Will. 117; see Aged witness.; Going witness. as well as sponsoring two high schools and a health care system. SSJ-TOSF SSJ-TOSF Sisters of St. Joseph of the Third Order of St. Francis (Religious) will lease the land on which the project will be located as well as provide limited financial support to the community in the form of a $1 million equity contribution and a $3.1 million subordinated note. The community will be situated on a 41-acre site and consist of 164 independent living units (ILUs), 33 assisted living units (including 16 memory-support units) and a 120-bed skilled nursing facility skilled nursing facility n. Abbr. SNF An establishment that houses chronically ill, usually elderly patients, and provides long-term nursing care, rehabilitation, and other services. as well as a community center and fitness facilities. The primary strengths of the community include the financial support and sponsorship from SSJ-TOSF, sound pre-sales of 70% (including 15 ILUs reserved by the sponsor), solid service area characteristics, the catholic sponsorship of the project and the attractive pricing of the entrance fees relative to the market. Main credit concerns include the high leverage of the project at stabilization, the traditional risks associated with start-up CCRC projects (i.e. fill up, construction delays, etc), the high proportion of nursing beds relative to ILUs and a competitive service area. Fitch Ratings believes that while start-up CCRCs do not possess the credit profile necessary to be rated investment grade, the development, finance, and construction team and favorable market characteristics should allow development of the community to succeed. For a copy of Fitch's credit analysis, visit the Fitch Ratings web site at www.fitchratings.com or contact Market Services at 800-853-4824. 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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