Client News Release
Fitch Affirms Cancer Center of Santa Barbara (California) Bonds at 'BBB' (Business Wire) and Fitch Rates $312.8MM CMLTI 2008-AR4 (Business Wire)
City of Industry, CA --(www.FinancialNewsUSA.com)-- 11/03/2008 - Upgrades/Downgrades industry news provided by Financial News USA (OTC: FNWU). NEW YORK--(BUSINESS WIRE)--Fitch Ratings has affirmed the 'BBB' rating on the California Municipal Finance Authority's $18.9 million revenue bonds, series 2006 (Cancer Center of Santa Barbara). The Rating Outlook is Stable.
The affirmation reflects Cancer Center of Santa Barbara's (CCSB) excellent liquidity, absence of competing radiation oncology services in the primary service area, the long relationship with Cottage Health System, and generous philanthropic community support. The affirmation also takes into consideration the historical operating losses of CCSB. At fiscal year-end Dec. 31, 2007, CCSB's unrestricted cash and investments totaled $56.9 million and $48.1 million at the nine months
ended Sept. 30, 2008, which equates to 1,767 and 1,460 of days cash of hand, respectively. CCSB's cash-to-debt ratio was 295% at fiscal year-end 2007 and 254% at the nine months ended Sept. [Read the full article]
NEW YORK--(BUSINESS WIRE)--Citigroup Mortgage Loan Trust 2008-AR4 is rated by Fitch Ratings as follows:--$157,678,000 classes 1A1, 1A1A and 1A1B 'AAA'.--$155,139,000 classes 2A1, 2A1A and 2A1B 'AAA'.
This transaction contains certain classes designated as exchangeable certificates and others as regular certificates. Classes 1A1A, 1A1B, 2A1A and 2A1B are exchangeable certificates. The rest of the classes are regular certificates.This transaction consists of 2 groups. Group 1 is a resecuritization of approximately 70.85% interest in the class 1-A-1 mortgage pass-through certificates from Bear Stearns ARM Trust 2007-1 which represents beneficial ownership interest in adjustable-rate, conventional, first lien residential mortgage loans, substantially all of which have original terms to stated maturity of 30 years. [Read the full article]
NEW YORK--(BUSINESS WIRE)--Fitch Ratings has assigned an 'AA-' rating to JEA's $77.5 million Bulk Power Supply System Scherer 4 Project revenue bonds, series 2008A. The Scherer 4 Project bonds are expected to price on Nov. 13, 2008 and will finance a portion of JEA's five-year, $152 million capital plan for Scherer Unit 4, most of which will support environmental upgrades. In addition, Fitch has affirmed the following outstanding ratings for JEA:--Senior electric system revenue bonds at 'AA-';--Subordinate electric system revenue bonds at 'AA-';--St. John's River Power Park bonds at 'AA-';--Series B taxable commercial paper notes at 'F1+'--Series C tax exempt commercial paper notes at 'F1+';.The Rating Outlook is Stable.Scherer Unit 4 is an 846MW coal-fired unit near Forsythe Georgia in which JEA owns 23.64% (200MW) and Florida Power and Light owns 76.36% (646MW). [Read the full article]
NEW YORK--(BUSINESS WIRE)--BCAP LLC 2008-RR3 Trust is rated by Fitch Ratings as follows:--$90,964,100 classes A-1, A-1A, A-1B and A-R 'AAA';--$6,600,000 class A-2 'AA';--$5,100,000 classes A-3 and A-7 'A'; --$2,100,000 classes A-4 and A-8 'BBB'.This transaction closed on Oct. 22, 2008.This transaction contains certain classes designated as exchangeable certificates and others as regular certificates. Classes A-6, A-7, A-8, A-1A and A-1B are exchangeable certificates. The rest of the classes are regular certificates.This transaction is a resecuritization of approximately 100% interest in the classes 1-A-1, 2-A-10 and 3-A-8 mortgage pass-through certificates from CWALT, Inc. Alternative Loan Trust 2006-29T1 Trust which represent beneficial ownership interest in fixed-rate, conventional, first lien residential mortgage loans, substantially all of which have original terms to stated maturity of 30 years. [Read the full article]
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