Fitch Rts $68.0155MM Highlands County Health Facilities Authority, FL Hosp Revs 'AA-/F1+'.

Business Editors

NEW YORK--(BUSINESS WIRE)--Aug. 21, 2003

Fitch Ratings assigns a 'AA-/F1+' rating to the $68.0155 million Highlands County Health Facility Authority (FL), hospital revenue bonds, series 2003B (Adventist Health System/Sunbelt Obligated Group), consisting of $34 million term bonds due Nov. 15, 2009, and $34 million term bonds due Nov. 15, 2012. The rating is based on the support provided by an irrevocable, direct-pay letter of credit (LOC) issued by SunTrust Bank securing the bonds.

The bank is obligated to make payments of principal of and interest upon maturity, acceleration and redemption, as well as purchase price for tendered bonds. The rating will expire upon the earliest of: Jan. 28, 2008, the stated expiration date of the LOC, unless extended; any prior termination of the LOC; and defeasance of the bonds. The LOC provides full coverage of principal, plus an amount equal to 54 days' interest at a maximum rate of 12%, based on a 365-day year, and purchase price for tendered bonds. The Remarketing Agent for the series 2003B bonds maturing on Nov. 15, 2012 is LaSalle Capital Markets, A Division of ABN AMRO Financial Services, Inc., and McDonald Investments will serve as Remarketing Agent for the series 2003B bonds maturing on Nov. 15, 2009. The bonds are expected to be delivered on or about August 28, 2003.

The bonds initially bear interest at the weekly interest rate, but may be converted to a daily, flexible, one month, six month, one year, multiple year, fixed or auction rate (PARS) interest rate mode. While bonds bear interest in the weekly rate mode, interest payments are the first business day of each month, commencing Oct. 1, 2003. Holders may tender their bonds on any business day, provided the requisite prior notice is given. The bonds are subject to mandatory tender on: (1) an Adjustment Date, other than an Adjustment Date for a weekly rate period succeeding another weekly rate period, or for a daily rate period succeeding another daily rate period; (2) any Proposed Conversion Date; (3) any Support Facility Change Date; (4) any Renewal Date if the expiring Support Facility is not renewed or replaced by the 10th day prior thereto; and (5) the fifth business day following the business day on which the interest rate on the bonds equals the Maximum Rate. Optional and mandatory redemption provisions also apply to the bonds, as set forth in the Trust Indenture, including a mandatory redemption no more than five days after the receipt by the trustee of a notice of an event of default under the Support Facility Agreement or non-reinstatement of the interest portion of the LOC.

Bond proceeds will be used to refund prior bonds and to finance and refinance certain healthcare and related facilities of Adventist Health System Sunbelt in Florida.