Fitch Rates Outstanding Franciscan Communities, Inc. (IL) Rev Bonds 'BBB-'; Outlook Stable

Fri Mar 8, 2013 6:34pm EST

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CHICAGO--(Business Wire)--
Fitch Ratings has assigned a 'BBB-' rating to the following revenue bonds issued
on behalf of Franciscan Communities, Inc.: 

--$715,000 Illinois Health Facilities Authority series 2003C; 

--$3,060,000 Illinois Finance Authority series 2004B; 

--$40,200,000 Illinois Finance Authority series 2007A; 

--$5,255,000 Cuyahoga County (OH) Health Care Facilities series 2004C; 

--$2,745,000 Cuyahoga County (OH) Health Care Facilities series 2004D. 

The Rating Outlook is Stable. 

SECURITY: 

All bonds are issued under the Master Indenture as supplemented and amended by
subsequent supplemental master trust indentures. Bonds are secured by the
Franciscan Communities Obligated Group's (FCOG) pledge of gross revenues, a
mortgage interest in owned and leased property of Franciscan Communities
Obligated Group. 

Fitch affirms the 'BBB-' rating assigned to the $100.3 million Illinois Finance
Authority revenue bonds, series 2013A (Franciscan Communities, Inc.). For a full
explanation of Fitch's rating rationale please see the rating action commentary
'Fitch Rates Franciscan Communities, Inc. (IL) series 2013A revs 'BBB-'; Outlook
Stable' dated Jan. 25, 2013, available at www.fitchratings.com. 

Additional information is available at 'www.fitchratings.com'. The ratings above
were solicited by, or on behalf of, the issuer, and therefore, Fitch has been
compensated for the provision of the ratings. 

Applicable Criteria and Related Research: 

--'Revenue-Supported Rating Criteria' (June 12, 2012); 

--'Rating Guidelines for Nonprofit Continuing Care Retirement Communities' (July
12, 2012) 

--'Nonprofit Nursing Home Rating Criteria' (July 5, 2012) 

For information on Build America Bonds, visit 'www.fitchratings.com/BABs'. 

Applicable Criteria and Related Research 

Revenue-Supported Rating Criteria 

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=681015

Rating Guidelines for Nonprofit Continuing Care Retirement Communities 

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=40171

Nonprofit Nursing Home Rating Criteria 

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=682128

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS.
PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:
HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING
DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S
PUBLIC WEBSITE '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
Primary Analyst
Jim LeBuhn, +1-312-368-2059
Senior Director
Fitch Ratings, Inc.
70 West Madison St, 11th FL
Chicago, IL 60602
or
Secondary Analyst
Michael Burger, +1-212-908-0555
Director
or
Committee Chairperson
Emily Wong, +1-212-908-0651
Senior Director
or
Media Relations
Elizabeth Fogerty, New York, +1-212-908-0526
elizabeth.fogerty@fitchratings.com



Copyright Business Wire 2013

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