|[October 17, 2013]
Fitch Affirms Adventist Health System Sunbelt's (FL) S-T Rating at 'F1+'
NEW YORK --(Business Wire)--
Fitch Ratings has affirmed the 'F1+' rating on Adventist Health System
Sunbelt, FL's (Adventist) outstanding variable rate debt issued by
Highlands County Health Facilities Authority supported by self-liquidity.
Adventist's long-term rating is 'AA'.
Based on Fitch's rating criteria related to self-liquidity, Adventist
had eligible cash and investments well in excess of the 125% threshold
of its maximum put exposure for assignment of the 'F1+' rating. At June
30, 2013 Adventist had $2.4 billion of eligible cash and investments
available compared to a maximum a tender exposure of $352.8 million.
Adventist has provided
Fitch with a written procedures letter to fund any un-remarketed puts.
For more information on Adventist, see Fitch's press release 'Fitch
Upgrades AHS Health System Sunbelt's (FL) Debt to 'AA'; Outlook Stable',
dated July 18, 2012 and available at 'www.fitchratings.com'.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
--'Revenue-Supported Rating Criteria', June 3, 2013;
--'Nonprofit Hospitals and Health Systems Rating Criteria', May 20, 2013;
--'Criteria for Assigning Short-Term Ratings Based on Internal
Liquidity', June 13, 2013.
Applicable Criteria and Reated Research:
Revenue-Supported Rating Criteria
U.S. Nonprofit Hospitals and Health Systems Rating Criteria
Criteria for Assigning Short-Term Ratings Based on Internal Liquidity
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