S&P Assgns A Rtng to Health Care Trust No. 1 Bonds.MELBOURNE, Australia--(BUSINESS WIRE)--Standard & Poor's CreditWire-- June 21, 1999--Standard & Poor's has assigned its single-'A' rating to the A$92 million fixed rate, fully amortizing, asset-backed bonds issued by Perpetual PERPETUAL. That which is to last without limitation as to time; as, a perpetual statute, which is one without limit as to time, although not expressed to be so. Trustee Co. Ltd. as trustee of the Health Care Trust No. 1. (Health Care). This bond issue is the first securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. by Mayne Nickless Ltd. (Mayne Nickless) of its health care assets. The asset involved in this securitization is the rental cash flows relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Joondalup Health Campus in Wanneroo, Western Australia Wanneroo is a suburb of Perth, Western Australia, located within the City of Wanneroo. Its postcode is 6065. Wanneroo was home to a famous Australian writer Albert Facey Senior and Tertiary Education Wanneroo contains one High School, Wanneroo Senior High School. , operated by Mayne Nickless' health care arm, Health Care of Australia. The rating on the bonds issued by Health Care reflects: -0-
-- The obligations of Mayne Nickless (rated
single-'A'/Negative/'A-1') under the transaction documentation;
-- The obligations of Mayne Nickless under documentation associated
with the Joondalup Health Campus; and
-- The sound legal structure of the transaction. Health Care has
been established under a master trust structure as a
bankruptcy-remote, special-purpose entity. A security trustee
holds a first-ranking, fixed-and-floating charge over the assets
of Health Care for the benefit of its secured creditors,
including bondholders.
-0- The payments to bondholders are sourced from Mayne Nickless and the proceeds of rent payable by Mayne Nickless to a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Mayne Finance Ltd., under a 20-year sublease sublease n. the lease of all or a portion of premises by a tenant who has leased the premises from the owner. A sublease may be prohibited by the original lease, or require written permission from the owner. on the Crown land where the Joondalup Health Campus is situated. The proceeds of rent received by Mayne Finance Ltd., which is a bankruptcy-remote, special-purpose entity Special-Purpose Entity A financing technique in which a company decreases its risk by creating separate partnerships, rather than subsidiaries, for certain holdings and solicits outside investors to take on the risk. , have been purchased by Health Care. Standard & Poor's rating of the bonds addresses the ability of Health Care to make bond payments due every six months up to and including the final maturity date, which is Jan. 15, 2018. Using assumptions consistent with the rating level of the bonds, Standard & Poor's analysis indicates that Health Care will be in a position to pay interest and repay principal on the bonds in full and on a timely basis. ---CreditWire |
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