Fitch to Upgrade L-T & Affirm S-T Rating of Lawrence & Memorial Hospital (Connecticut).NEW YORK -- On the effective date of Jan. 16, 2008, Fitch Ratings will upgrade the long-term rating currently assigned to the $22,990,000 Connecticut Health and Educational Facilities Authority, variable rate demand revenue bonds, Lawrence & Memorial Hospital issue series E to 'AA-' from 'A+' and affirm the short-term at 'F1+'. The actions are in connection with the addition of an irrevocable, direct-pay letter of credit (LOC LOC - lines of code ) issued by JPMorgan Chase Bank, National Association (JPMorgan), securing the bonds, which will become effective on Jan. 16, 2008 and the termination of the Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , N.A. standby bond purchase agreement that was issued contemporaneously with the issuance of the Bonds in 2004. Although the Radian bond insurance policy will remain in place, on and after the effective date of the LOC, the 'AA-/F1+' rating will be based solely upon the support of the JPMorgan LOC. JPMorgan is 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 and interest on the bonds when due, as well as the purchase price for tendered bonds. The LOC provides full coverage of principal plus an amount equal to 50 days of interest computed at a maximum rate of 12%, based on a year of 365 days, and purchase price for tendered bonds. The rating will expire on the earliest of: (i) Jan. 16, 2013, the stated expiration date of the LOC, unless such date is extended; (ii) any prior termination of the LOC; or (iii) the defeasance of the bonds. The remarketing agent for the bonds is 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 . 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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