Fitch Rates Palm Beach County, Florida Revs (Pine Crest Preparatory School, Inc Proj)...

Fitch Rates Palm Beach County, Florida Revs (Pine Crest Preparatory School, Inc Proj) 2008 'AA-/F1+'

NEW YORK--(Business Wire)--
Fitch Ratings assigns a rating of 'AA-/F1+' to the $75,000,000
Palm Beach County, Florida revenue and refunding revenue bonds (Pine
Crest Preparatory School, Inc. Project) series 2008. The rating is
based on the support provided by an irrevocable, direct-pay letter of
credit (LOC) issued by Bank of America, N.A. (rated 'AA-/F1+' by
Fitch), securing the bonds. The bank is obligated to make payments of
principal and interest when due, as well as the purchase price for
tendered bonds. The rating will expire upon the earliest of: June 15,
2010, the stated expiration date of the LOC, unless such date is
extended; any prior termination of the LOC; and defeasance of the
bonds. The LOC provides full coverage of principal plus an amount
equal to 35 days' interest at a maximum rate of 12%, based on a
365-day year and the purchase price for tendered bonds. The
remarketing agent for the bonds is Banc of America Securities LLC. The
bonds are expected to be delivered on or about Aug. 1, 2008.

The bonds initially bear interest at the weekly rate, but may be
converted to a daily, fixed or flexible interest rate. While bonds
bear interest in the weekly rate, interest payments are due on the
first business day of each month, commencing Sept. 2, 2008. During the
weekly rate, bondholders may tender their bonds on any business day,
with seven days' prior notice of the purchase. The bonds are subject
to mandatory tender upon conversion of the interest rate and upon
substitution or termination of the LOC. Mandatory and optional
redemption provisions also apply to the bonds.

The bond proceeds will be used to providing a portion of the funds
necessary to finance the acquisition, construction and equipping of an
expansion of and improvements to a private school located in Palm
Beach and Broward Counties, Florida, and owned and operated by Pine
Crest Preparatory, Inc. and to refund the City of Ft. Lauderdale,
Florida revenue bonds (Pine Crest Preparatory School, Inc. Project)
series 2002.

Fitch's rating definitions and the terms of use of such ratings
are available on the agency's public site, www.fitchratings.com.
Published ratings, criteria and methodologies are available from this
site, at all times. Fitch's code of conduct, confidentiality,
conflicts of interest, affiliate firewall, compliance and other
relevant policies and procedures are also available from the 'Code of
Conduct' section of this site.

Fitch Ratings, New York
Richard Park, 212-908-0289
or
Media Relations:
Sandro Scenga, 212-908-0278

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