Greater Fairbanks Community Hospital Foundation, AK 2009A-B Bonds Assigned #AA/A-1# Ratings

Stocks and Financial Services Press Releases Thursday December 7, 2017 09:03
CENTENNIAL--7 Dec--S&P Global Ratings

CENTENNIAL (S&P Global Ratings) Dec. 6, 2017--S&P Global Ratings assigned its 'AA/A-1' rating to the Alaska Industrial Development and Export Authority's remarketed series 2009A and 2009B refunding revenue bonds, issued for Greater Fairbanks Community Hospital Foundation.

"The assignment reflects the replacement of the existing letter of credit (LOC) provided by The MUFG Union Bank N.A. for the series 2009A bonds and US Bank N.A. for the series 2009B bonds with a new LOC provided by The Bank of Tokyo-Mitsubishi UFJ Ltd., New York Branch on Dec. 7, 2017," said S&P Global Ratings credit analyst Allison Bretz. The long-term component of the series 2009A and B ratings jointly reflects the rating on The Bank of Tokyo-Mitsubishi UFJ and the underlying rating (SPUR) of the obligor, assuming a low correlation level. The short-term component of the rating solely reflects our short-term rating on The Bank of Tokyo-Mitsubishi UFJ.

The LOC provided by The Bank of Tokyo-Mitsubishi UFJ, New York Branch provides coverage for the payment of principal and interest on the bonds, including the payment of unremarketed tendered bonds. The LOC also provides for a maximum of 45 days' interest coverage for the series 2009A bonds and 46 days' interest coverage for the series 2009B bonds at a 12% rate. The LOC is due to expire on Dec. 1, 2022, unless extended or terminated beforehand.

The SPUR on the obligor represents our view of Fairbanks' long-term rating. For additional information, please see the full analysis on Greater Fairbanks Community Hospital Foundation, published Nov. 11, 2016, on RatingsDirect.

Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at www.standardandpoors.com for further information. Complete ratings information is available to subscribers of RatingsDirect at www.capitaliq.com. All ratings affected by this rating action can be found on the S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.


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