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Article: Fitch Rtes Allina Health System's Minnesota $164.5MM VRDBs 2009B & 2009C 'AA-/F1+'.
- Article from:
- Investment Weekly News
- Article date:
- November 21, 2009
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Fitch Ratings assigns an 'AA-/F1+' rating to the City of Minneapolis and the Housing and Redevelopment Authority of the City of St. Paul, Minnesota (the Authority) health care system variable-rate demand revenue bonds (VRDBs) (Allina Health System), series 2009B, consisting of $57,260,000 series 2009B-1 and $57,260,000 2009B-2, and $50,000,000 series 2009C. The rating for series 2009B is based on an irrevocable direct-pay letter of credit (LOC) provided by JPMorgan Chase Bank, NA (rated 'AA-/F1+' by Fitch). The rating for series 2009C is based on an irrevocable direct-pay LOC provided by Wells Fargo Bank, NA (rated 'AA-/F1+').
The banks are obligated to make ...