26, 2012, ABHOW transferred ownership of the Terraces at San Joaquin Gardens campus out of the obligated group (OG) to a newly formed corporation to effect a campus repositioning.
Operating performance of the obligated group (excluding the results of TSJG) has been solid and consistent.
The bonds, which rank on parity, are a joint and several obligation of the obligated
group, secured by a gross receipts pledge and a negative lien pledge, subject to permitted encumbrances.
The Maryland Obligated
Group has two swap contracts outstanding with Lehman Brothers.
Key rating concerns focus on the Obligated
Group's below average liquidity for the rating category and the level of support given to non-obligated
The remaining projects will be obligated
by the end of May, making UDOT one of the first in the country to have 100 percent of its projects ready to be advertised to the contractor community.
25,000,000 Indiana Health Facility Financing Authority adjustable-rate hospital revenue bonds, series 2004B (Deaconess Hospital Obligated
Fitch's analysis is based on the consolidated financial performance of CHSLI and not just the obligated
group, which accounts for 75% of total system assets and 75% of total system revenues.
A remarketing agreement in which, following a default by CFU, J Aron is obligated
to sell gas and pay CPEP a price that will ensure sufficient revenues (along with net commodity and interest rate swap payments and investment earnings) for CPEP to provide timely payment of principal and interest on the bonds (regardless of the price that J Aron actually sells the gas);
NYUHC's close affiliation with the NYUSOM (not a member of the obligated
group), including a shared Dean and CEO, adds to NYUMC's already strong clinical reputation.
Delivery orders will be issued and funds will be obligated
as individual requirements are identified.
In performing the analysis, Fitch considered both the obligated
group and non-obligated
While the gas is being remarketed, the suppliers are obligated
to pay Main Street a price at least equal to the first of the month index price minus a remarketing fee.
Fitch rates $145,600,000 Dormitory Authority of the State of New York revenue bonds (Lenox Hill Hospital Obligated
Group), series 2001, 'BB' with a Negative Outlook.
160,000,000 Orange County, FL Health Facilities Authority hospital revenue bonds, series 2002 (Adventist Health System/Sunbelt Obligated