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Article: N.Y.C. Hospital Deals Debt Backed by FHA-Insured Mortgage.(The Regions)
- Article from:
- The Bond Buyer
- Article date:
- November 2, 2009
CopyrightCOPYRIGHT 2009 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Ted Phillips
The Hospital for Special Surgery in New York City will begin a retail order period tomorrow for $85 million of bonds secured by a Federal Housing Administration-insured mortgage.
The Dormitory Authority of the State of New York will issue the bonds on behalf of the nonprofit. Institutional sales are scheduled to begin on Wednesday.
Standard & Poor's rates the bondsAAA based on the insurance and debt service reserve. Moody's Investors Service rates them Aa2.
"All of our FHA transactions are rated strictly based upon the FHA insurance," said Standard & Poor's analyst Louis Louis. "We don't look at the hospital's ...