Summary: Cleveland Clinic Hlth Sys, OH; Public Finance Structured, Letter of Credit Nov 03
- ID: 2024812
- November 2003
- Standard & Poors
The rating on Cleveland-Cuyahoga County Port Authority (Cleveland Clinic Health System), Ohio's bonds, issued on behalf of the Carnegie/96th Research Building, is based on a direct-pay LOC provided by Fifth Third Bank ('AA-/A-1+'). The bond proceeds shall be used to acquire and construct a six-story genetics and stem cell research building located between Carnegie and Cedar Avenue at East 96th Street in Cleveland, Ohio. The LOC shall provide for principal of, and interest on, the bonds for a maximum of 50 days at 10% annually. The scheduled expiration date of the LOC is Nov. 22, 2008, and at such time the rating shall be withdrawn unless the LOC has been extended pursuant to its terms or an alternate LOC has...
Companies mentioned in this report are:
- Cleveland Clinic Hlth Sys
- Cleveland-Cuyahoga Cnty Port Auth
Action: New Rating
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