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Fitch Rates PHF Investments, LLC Taxable VRDNs 2004-A 'A-/F1'.

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NEW YORK--(BUSINESS WIRE)--June 1, 2004

Fitch Ratings assigns an 'A-/F1' rating to the $23,325,000 PHF Investments, LLC, taxable variable-rate demand notes, series 2004-A (the notes). The rating is based on the support provided by an irrevocable, direct-pay letter of credit (LOC) issued by Associated Bank, National Association (the Bank), securing the Notes. The bank is obligated to make payments of principal, interest and purchase price upon maturity, acceleration, redemption and tender of the Notes. The rating will expire upon the earliest of: June 15, 2009, the stated expiration date of the letter of credit, unless extended; any prior termination of the LOC; and defeasance of the Notes. The LOC provides full coverage of principal, plus an amount equal to 35 days' interest at a maximum rate of 10%, based on a year of 365 days, and purchase price for tendered notes. U.S. Bank, N.A. is the trustee for the notes. The underwriter and remarketing agent for the notes is Robert W. Baird. The notes are expected to be delivered on or about June 11, 2004.

The notes initially bear interest at the weekly interest rate, but may be converted to a one year rate, three year rate, five year rate, seven year rate, ten year rate or fixed interest rate. While notes bear interest in the weekly mode, interest payments are the first day of each month, if the first day of the month is a business day, if it is not a business day then interest payments will be made on the next business day, commencing July 1, 2004. While the Notes are in the weekly rate mode, note holders may tender the notes on seven days notice. The notes are subject to mandatory tender upon conversion of the interest rate and substitution of the LOC. Optional and mandatory redemption provisions also apply to the notes including a mandatory redemption upon the expiration of the LOC if an irrevocable commitment for a substitute LOC or an alternate Credit Facility is not delivered to the Trustee, as set forth in the Trust Indenture.

Proceeds of the notes will be lent by PHF Investments, LLC to various borrowers to refinance existing indebtedness and to fund certain capital improvements.
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Publication:Business Wire
Date:Jun 1, 2004
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