Fitch Withdraws 'A' Rating on Rogue Valley Manor (OR) Series 2012B Revs

CHICAGO--()--Fitch Ratings withdraws its 'A' rating on the Medford Hospital Facilities Authority, Oregon's revenue refunding bonds, series 2012B, issued on behalf of Rogue Valley Manor (RVM).

SENSITIVITY/RATING DRIVERS

The rating withdrawal is a result of a delay in the bonds' issuance. RVM expects to issue debt within the next month, at which time Fitch will assign a rating to the series 2013 bonds.

The following outstanding debt remains on Rating Watch Negative:

--Approximately $60.9 million series 2007* variable rate bonds issued on behalf of RVM;

--Approximately $45.2 million series 2012 variable rate demand bonds issued on behalf of RVM privately placed with Wells Fargo.

*Letter of Credit provided by Bank of America Merrill Lynch, which Fitch was not asked to rate.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Additional information was provided by Cain Brothers, the underwriter.

Applicable Criteria and Related Research:

--'Revenue-Supported Rating Criteria' (June 12, 2012);

--'Rating Guidelines for Nonprofit Continuing Care Retirement Communities' (July 12, 2012).

Applicable Criteria and Related Research:

Revenue-Supported Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=681015

Rating Guidelines for Nonprofit Continuing Care Retirement Communities

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=40171

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Contacts

Fitch Ratings
Primary Analyst
Dana N. Sodikoff, +1-312-368-3215
Associate Director
Fitch Ratings, Inc.
70 West Madison Street
Chicago, IL 60602
or
Secondary Analyst
Jim LeBuhn, +1-312-368-2059
Senior Director
or
Media Relations
Elizabeth Fogerty, +1-212-908-0526
elizabeth.fogerty@fitchratings.com

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Contacts

Fitch Ratings
Primary Analyst
Dana N. Sodikoff, +1-312-368-3215
Associate Director
Fitch Ratings, Inc.
70 West Madison Street
Chicago, IL 60602
or
Secondary Analyst
Jim LeBuhn, +1-312-368-2059
Senior Director
or
Media Relations
Elizabeth Fogerty, +1-212-908-0526
elizabeth.fogerty@fitchratings.com