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Summary: Michigan State Hospital Finance Authority; Letter of Credit Oct 10 Product Image

Summary: Michigan State Hospital Finance Authority; Letter of Credit Oct 10

  • Published: October 2010
  • Standard & Poors

FEATURED COMPANIES

  • Michigan St Hosp Fin Auth
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Abstract
Standard & Poor's Ratings Services assigned its 'BBB+/A-2' rating to Michigan State Hospital Finance Authority's health care equipment loan program bonds series C, based on a direct-pay letter of credit (LOC) provided by Fifth Third Bank ('BBB+/A-2'). This issue represents the 26th installment of the series C bonds. Under the indenture, additional bonds may be issued as long as the LOC coverage is increased to account for them. The LOC provides for principal and up to 55 days' interest on the bonds (at the maximum bond rate of 12%) to pay regularly scheduled principal and interest, as well as to pay the purchase price of unremarketed tendered bonds. Initially, the bonds will bear interest at the weekly rate, which can...

Companies mentioned in this report are: Michigan St Hosp Fin Auth
Action: New Rating

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Michigan St Hosp Fin Auth

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