NEW YORK--(BUSINESS WIRE)--Fitch Ratings withdraws the 'AA+/F1+' credit enhanced rating on the following bonds:
--Allegheny County Hospital Development Authority (PA) (UPMC Health System) revenue bonds series 2010B-1 (LOC: Deutsche Bank AG)
--Allegheny County Hospital Development Authority (PA) (UPMC Health System) revenue bonds series 2010B-2 (LOC: Deutsche Bank AG).
The rating withdrawals are in connection with the conversion of the bonds from the weekly rate mode to the index rate mode and termination of the Deutsche Bank AG letters of credit (LOCs) supporting the bonds. The mandatory tender and termination of the LOCs occurred on July 1, 2013.
The long-term rating assigned to the bonds is revised to 'AA-' with a Stable Outlook based on the underlying rating assigned by Fitch to University of Pittsburgh Medical Center's revenue bonds.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research
--'Revenue-Supported Rating Criteria', dated June 3, 2013;
--'Nonprofit Hospitals and Health Systems Rating Criteria', dated May 20, 2013;
--'U.S. Municipal Structured Finance Criteria' (Feb. 27, 2013);
--'Rating Guidelines for Letter of Credit-Supported Bonds' (June 14, 2013);
--'Dual-Party Pay Criteria For Long-Term Ratings on LOC-Supported U.S. Public Finance Bonds' (March 8, 2013).
Applicable Criteria and Related Research:
Revenue-Supported Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=709499
Nonprofit Hospitals and Health Systems Rating Criteria - Effective Aug. 12, 2011 to July 23, 2012
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=648836
U.S. Municipal Structured Finance Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=701570
Rating Guidelines for Letter of Credit-Supported Bonds
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=710476
Dual-Party Pay Criteria for Long-Term Ratings on LOC-Supported U.S. Public Finance Bonds
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=701572
Additional Disclosure
Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=795344
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