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Article: Fitch Affirms Dean Health's $110MM CP Program at 'F1+'.
- Article from:
- Investment Weekly News
- Article date:
- November 7, 2009
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Fitch Ratings has affirmed Dean Health Systems Inc.'s (Dean) $110 million commercial paper (CP) program at 'F1+'. The CP is issued by Dean and the program terminates on July 14, 2012. The program is supported by a direct pay, irrevocable letter of credit facility provided by U.S. Bank, N.A. (U.S. Bank).
The letter of credit is irrevocable and represents an obligation which U.S. Bank must honor, regardless of Dean's credit profile, including the occurrence of any default. Since this letter of credit facility provides full credit substitution by U.S. Bank, the 'F1+' rating for the CP program reflects U.S. Bank's credit profile. Currently, Fitch rates U.S. Bank's ...