Fitch Downgrades Enhanced Variable Rate Muni Bonds (6/26/09)
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NEW YORK--(Business Wire)-- In connection with the downgrade of Fifth Third Bank's long-term Issuer Default Rating (IDR) to 'A-', Rating Outlook Negative from 'A', Rating Watch Negative, Fitch has downgraded municipal bonds with letters of credit provided by Fifth Third Bank. The following bonds are downgraded to 'A-', Rating Outlook Negative, from 'A', Rating Outlook Negative: --Florida Christian College (FL) adjustable-rate demand revenue bonds (taxable) series 2006; --Harvest Bible Chapel (IL) adjustable-rate demand (taxable) bonds series 2004; --Illinois Finance Authority (IL) (Elmhurst Memorial Healthcare) variable-rate demand hospital revenue bonds series 2008E; --Illinois Finance Authority (IL) (Montgomery Place) variable-rate demand revenue bonds series 2006B; --Lombard (IL) (Elmhurst Memorial Healthcare Project) variable-rate demand revenue bonds series 2004; --Summit County Port Authority (OH) (Lawrence School Project) adjustable-rate demand revenue bonds series 2005. The following bonds are downgraded to 'AA-', Rating Outlook Stable from 'AA+', Rating Outlook Stable: --St. Joseph County Hospital Authority (IN) (Memorial Health System, Inc.) revenue refunding bonds series 2008A; --St. Joseph County Hospital Authority (IN) (Memorial Health System, Inc.) revenue refunding bonds series 2008B. The Indiana Health and Educational Facility Financing Authority (IN) (Jackson County Schneck Memorial Hospital Project) hospital revenue bonds series 2006B are downgraded to 'A-', Rating Outlook Negative, from 'A', Rating Outlook Stable. The Sarasota County Public Hospital Board (FL) (Sarasota Memorial Hospital) hospital revenue bonds series 2007B are downgraded to 'A-/F1', Rating Outlook Stable, from A+/F1+, long-term Rating Outlook Stable, short-term Rating Watch Negative 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, +1-212-908-0289 Cindy Stoller, +1-212-908-0526 (Media Relations) cindy.stoller@fitchratings.com Copyright Business Wire 2009
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