Standard & Poor's Ratings Services has assigned its 'BB' long-term rating to Lee County Industrial Development Authority, Fla.'s (issuer) $12.07 million series 2011B health facilities refunding revenue bonds, issued for Shell Point (SP), a life-care-based continuing-care retirement community (CCRC) in Fort Myers. Standard & Poor's also affirmed its 'BB' long-term rating, and where applicable underlying rating (SPUR), on the issuer's various series of outstanding bonds also issued on behalf of SP. Standard & Poor's has lowered the long-term rating component to 'AA-/A-1' from 'AA/A-1' on the issuer's series 1999B and 2002 variable-rate demand bonds, issued for SP. Standard & Poor's based the downgrade on the application of its low-correlation joint criteria reflecting the security of these two variable-rate issues by...
Companies mentioned in this report are: Shell Point,Lee Cnty Indl Dev Auth
Action: New Rating
Action: Outlook: Stable
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Research type: News
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