CHICAGO--()--Fitch Ratings has assigned a 'BBB-' rating to the following revenue bonds issued on behalf of Franciscan Communities, Inc.:
--$715,000 Illinois Health Facilities Authority series 2003C;
--$3,060,000 Illinois Finance Authority series 2004B;
--$40,200,000 Illinois Finance Authority series 2007A;
--$5,255,000 Cuyahoga County (OH) Health Care Facilities series 2004C;
--$2,745,000 Cuyahoga County (OH) Health Care Facilities series 2004D.
The Rating Outlook is Stable.
All bonds are issued under the Master Indenture as supplemented and amended by subsequent supplemental master trust indentures. Bonds are secured by the Franciscan Communities Obligated Group's (FCOG) pledge of gross revenues, a mortgage interest in owned and leased property of Franciscan Communities Obligated Group.
Fitch affirms the 'BBB-' rating assigned to the $100.3 million Illinois Finance Authority revenue bonds, series 2013A (Franciscan Communities, Inc.). For a full explanation of Fitch's rating rationale please see the rating action commentary 'Fitch Rates Franciscan Communities, Inc. (IL) series 2013A revs 'BBB-'; Outlook Stable' dated Jan. 25, 2013, available at www.fitchratings.com.
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.
Applicable Criteria and Related Research:
--'Revenue-Supported Rating Criteria' (June 12, 2012);
--'Rating Guidelines for Nonprofit Continuing Care Retirement Communities' (July 12, 2012)
--'Nonprofit Nursing Home Rating Criteria' (July 5, 2012)
For information on Build America Bonds, visit 'www.fitchratings.com/BABs'.
Applicable Criteria and Related Research
Revenue-Supported Rating Criteria
Rating Guidelines for Nonprofit Continuing Care Retirement Communities
Nonprofit Nursing Home Rating Criteria