Fitch Rtes Allina Health System's (Minnesota) $164.5MM VRDBs 2009B & 2009C '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 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 an 'AA-/F1+' rating to the City of Minneapolis and the Housing and Redevelopment Authority Noun 1. redevelopment authority - a public administrative unit given responsibility for the renovation of blighted urban areas administrative body, administrative unit - a unit with administrative responsibilities of the City of St. Paul St. Paul as a missionary he fearlessly confronts the “perils of waters, of robbers, in the city, in the wilderness.” [N.T.: II Cor. 11:26] See : Bravery , Minnesota (the Authority) health care system variable-rate demand revenue bonds (VRDBs) (Allina Health System), series 2009B, consisting of $57,260,000 series 2009B-1 and $57,260,000 2009B-2, and $50,000,000 series 2009C. The rating for series 2009B is based on an irrevocable direct-pay letter of credit (LOC LOC - lines of code ) provided by JPMorgan Chase Bank, NA (rated 'AA-/F1+' by Fitch). The rating for series 2009C is based on an irrevocable direct-pay LOC provided by Wells Fargo Bank, NA (rated 'AA-/F1+'). The banks are 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. to make payments of principal of and interest on the bonds upon maturity, acceleration and redemption, as well as purchase price for tendered bonds. The ratings will expire upon the earliest of: (a) Nov. 9, 2012, the initial stated expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. of the LOCs, unless such date is extended; (b) any prior termination of the LOCs; and (c) defeasance of the bonds. The LOCs provide full and sufficient coverage of principal plus an amount equal to 43 days of interest (Wells Fargo) and 34 days of interest (JPMorgan Chase) at a maximum rate of 12% based on a year of 365 days and purchase price for tendered bonds, while in the weekly and daily rate modes. The Remarketing Agent for the series 2009B-1 bonds is Goldman, Sachs and Co., and J.P. Morgan for the 2009B-2 bonds. The Remarketing Agent for the series 2009C bonds is Wachovia Bank, NA. The bonds are expected to be delivered on or about Nov. 10, 2009. The series B bonds initially bear interest at a daily rate, the series C bonds initially bear interest at a weekly rate, but each series may be converted to a daily, weekly, long- term, bond interest term, or auction rate. While bonds bear interest in the daily or weekly rate mode, interest payments are on the first business day of each month, commencing Dec. 1, 2009. Holders may tender their bonds on any business day, provided the remarketing agent is given at least seven calendar days' prior notice of the purchase in the weekly rate mode, and notice by 10:45 a.m. New York time on the purchase date, in the daily rate mode. The bonds are subject to mandatory tender: (1) upon conversion of the interest rate; (2) upon expiration, substitution or termination of the LOC; and (3) on the second business day following receipt of written notice from the bank of an event of default under the Reimbursement Agreement, directing such mandatory tender. Optional and mandatory redemption provisions also apply to the bonds. Bond proceeds will be used by the Authority to refund a portion of the issuer's $174,045,000 health care system variable-rate demand revenue bonds (Allina Health System), series 2007B-1; refund a portion of the issuer's $43,475,000 health care system variable-rate demand revenue bonds (Allina Health System), series 2007B-2; pay certain fees associated with the issuances of letters of credit; and pay certain expenses incurred in connection with the issuance of the bonds. Additional information is available at 'www.fitchratings.com'. ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP HTTP in full HyperText Transfer Protocol Standard application-level protocol used for exchanging files on the World Wide Web. HTTP runs on top of the TCP/IP protocol. ://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, 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 WEBSITE '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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