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Fitch Downgrades Nemours Foundation (Florida) to 'AA+'; Rates 2009A&D Revs 'AA+'.

Publication: Business Wire
Publication Date: 21-SEP-09
Format: Online
Delivery: Immediate Online Access

Article Excerpt
NEW YORK -- Fitch Ratings has assigned the following ratings to approximately $328 million of Orange County Health Facilities Authority (the authority) revenue bonds, series 2009, to be issued on behalf of The Nemours Foundation (Nemours) and consisting of:

-- $128 million series 2009A 'AA+';

-- $100 million series 2009B 'AA+' (underlying);

-- $50 million series 2009C 'AA+' (underlying);

-- $50 million series 2009D 'AA+/F1+'.

Simultaneously, Fitch downgrades to 'AA+' from 'AAA' its rating on approximately $71 million of Nemours' outstanding parity debt revenue bonds. The fixed rate series 2009A bonds are expected to price via negotiation on or about Sept. 30, 2009 while the variable rate series 2009D bonds, which will be supported by internal liquidity of Nemours, are expected to price via negotiation...

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