Sys News
Fitch to Take Various Rating Actions on MHEFA VRDBs, Partners HealthCare Sys ...
NEW YORK - (BUSINESS WIRE) - On the effective date of July 21, 2011, Fitch Ratings will revise the basis of long-term 'AA' rating and removed from rating watch negative short-term rating 'F1 +' assigned to the. $ 105 million ($ 96.6 million currently outstanding) at the Massachusetts Health and Education Authority (MHEFA) floating rate demand revenue (VRDB), Partners HealthCare System Issue, Series F-3 (2005) The rating actions are related to the substitution of the bond purchase agreement waiting currently provided by Citibank, NA(Rated 'A + / F1 +' by Fitch, both long and short term notes on the evaluation of negative watch) with an irrevocable direct pay letter of credit (LOC) to be provided by TD Bank National Association ( TD Bank, rated AA '-/F1 +', stable outlook) as credit enhancement for bonds.
On the effective date, the long-term rating will be based on the greater of 'AA-' assigned by Fitch to the TD and the underlying rating of 'AA' rating to bonds by Fitch. Rating 'F1 +' short-term will be based solely on the support of the LOC.For information on credit rating underlying Partners HealthCare System, see the press release dated December 6, 2010 available at 'www.fitchratings.com.
Pursuant to the LOC, the bank is required to make payments of principal and interest on the bonds upon maturity, acceleration and redemption, as well as the purchase price for bonds made.The notes will expire on the earlier of: (a) July 20, 2016, the original expiration date stated in the LOC, unless such date is extended, (b) the conversion of an interest rate mode other than daily rate or weekly, (c) any termination prior to the LOC, and (d) defeasance of the bonds. TD LOC provides full coverage and sufficient principal plus an amount equal to 44 days of interest at a maximum rate of 10% based on a 365-day year and purchase price for bonds made while in the mode of daily or weekly rate.A mandatory tender bonds will be held July 21, 2011, the effective date of the LOC TD. TD Securities (USA) LLC will replace JP Morgan Securities LLC as the Remarketing Agent for the bonds on the effective date of the LOC.
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NEW YORK--(BUSINESS WIRE)--On the effective date of July 21, 2011, Fitch Ratings will revise the basis of the long-term 'AA' rating and remove from Rating Watch Negative the short-term 'F1+' rating assigned to the $105000000 ($96600000 currently
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AIX-EN-PROVENCE, France (Dow Jones)--The current reshaping of the regulatory and cross-border supervisory system falls short of addressing some of the key weaknesses that unleashed the
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