Summary: Montefiore Medical Center, New York; Multifamily GNMA

Standard & Poors, May 2011

Abstract
The 'AAA' rating on Montefiore Medical Center, N.Y.'s 2011 Ginnie Mae (GNMA) collateralized taxable revenue bonds reflects: The extremely high credit quality of the assets consisting of GNMA permanent loan certificates (PLC); High credit quality of investments; and Cash flows showing timely payment of principal and interest on the bonds until maturity assuming no reinvestment earnings on the bond fund. At closing, bond proceeds will be held in the acquisition fund, which will be invested in eligible investments. Proceeds will be used to acquire GNMA PLCs. Failure to acquire the PLCs will result in a mandatory redemption of the bonds in whole. These securities are backed by the full faith and credit of the U.S. government and therefore are 'AAA'...

Companies mentioned in this report are: Montefiore Med Ctr
Action: New Rating
Action: Outlook: Negative

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Montefiore Med Ctr

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