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Correction - Fitch Confirms Hancock Cty (OH) Hosp Revs Ser 2004 'AAA'; Rates Short-Term 'F1'
NEW YORK-(Business Wire)-July 3, 2008 - (This is a correction to the release of June 30th. It corrects the short-term rating to 'F1'.)
Fitch Ratings confirms the long-term 'AAA' rating currently assigned to $110,875,000 Hancock County, Ohio, hospital facilities revenue bonds, series 2004 (Blanchard Valley Regional Health Center), and assigns a short-term 'F1' to the bonds. The 'AAA' rating continues to be based on the support of an insurance policy provided by Financial Security Assurance Inc., which insures scheduled payments of principal and interest on the bonds. The short-term 'F1' rating is assigned in connection with the conversion of the interest rate mode on the bonds from the R-FLOATs mode to a weekly rate mode, and is based on a Standby Bond Purchase Agreement (SBPA) provided by Fifth Third Bank. The conversion of the interest rate mode is expected to occur on or about July 3, 2008.
The SBPA provides for the payment of the purchase price of tendered bonds while the bonds bear interest in a daily, weekly or unit pricing mode, and is sized to cover the principal portion of the purchase price plus 35 days of interest at the maximum rate of 15%, based on a year of 365 days. The SBPA will expire on June 30, 2011 unless such date is extended or earlier terminated pursuant to the terms of the SBPA. The short-term rating will expire upon the expiration or termination of the SBPA. Merrill Lynch, Pierce, Fenner & Smith Incorporated is the remarketing agent for the bonds.
Holders may tender their bonds with prior notice while the bonds bear interest in a daily or weekly interest rate mode. While the bonds bear interest in the daily and weekly rate modes interest is payable on the first business day of each month, commencing August 1, 2008. Holders may tender their bonds with prior notice during the daily and weekly rate modes. Bonds are subject to mandatory tender: (i) on the purchase date for bonds in the unit pricing mode; (ii) on interest mode change dates; (iii) upon the expiration or termination of the SBPA; and (iv) on the SBPA substitution date if such substitution results in downgrade or withdrawal of the short-term rating. The bonds are also subject to optional and mandatory redemption.
Fitch's rating definitions and the terms of use 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 are also available from the 'Code of Conduct' section of this site.
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