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Fitch to Revise Ratings Assigned to Nemours Foundation 2009C-1 & C-2

January 23, 2014

NEW YORK --(BUSINESS WIRE)-- On the effective date of Feb. 3, 2014 , Fitch will revise the basis of the 'AA+/F1+' Stable Outlook ratings for Orange County Health Facilities Authority Revenue Bonds ( The Nemours Foundation Project ) $25,550,000 ( $23,975,000 currently outstanding) series 2009C-1 and $24,445,000 ( $22,920,000 currently outstanding) series 2009C-2. The rating action is in connection with the (i) Jan. 30, 2014 , mandatory tender and remarketing of the bonds; and the (ii) addition of an irrevocable direct-pay letter of credit (LOC) provided by Wells Fargo Bank, National Association ('AA-/F1+'; Stable Outlook), as credit enhancement support for the bonds. KEY RATING DRIVERS The current long-term rating is the underlying long-term rating assigned to the bonds by Fitch. On the effective date the long-term rating will be based on the higher of the underlying long-term rating assigned to the bonds by Fitch (currently rated 'AA+'; Stable Outlook), and the long-term rating assigned by Fitch to the bank ('AA-'; Stable Outlook) providing the LOC securing the bonds. The current 'F1+' short-term rating is based on the internal liquidity of the Nemours Foundation . On the effective date the 'F1+' short-term rating will be based solely on the credit enhancement provided by the LOC. For information about the underlying credit rating see press release dated May 14, 2013 available at ' www.fitchratings.com '. Pursuant to the LOC, the bank is obligated to make regularly scheduled payments of principal of and interest on the bonds in addition to payments due upon maturity and redemption, as well as purchase price for tendered bonds. Additionally, the bond obligor is in the flow of funds to make timely payments of principal and interest due upon maturity and redemption. The credit-enhanced rating will expire upon the earliest of: (a) Feb. 3, 2017 , the initial stated expiration date of the LOC, unless such date is extended; (b) conversion to a mode other than the weekly rate and daily rate; (c) any prior termination of the LOC; and (d) defeasance of the bonds. The LOC provides full and sufficient coverage of principal plus an amount equal to 40 days of interest at a maximum rate of 12% based on a year of 365 days and purchase price for tendered bonds, while in the weekly and daily rate modes. RATING SENSITIVITIES The long-term rating is tied to the Fitch long-term rating assigned to the bond obligor and the long-term rating that Fitch maintains on the bank providing the LOC. Changes to one or both of these ratings may affect the long-term rating assigned to the bonds. The short-term rating is exclusively tied to the short-term rating that Fitch maintains on the bank providing the LOC and will reflect all changes to that rating. Additional information is available at ' www.fitchratings.com '. Applicable criteria available on Fitch's website at www.fitchratings.com : --'U.S. Municipal Structured Finance Criteria', February 27, 2013 ; --'Rating Guidelines for Letter of Credit-Supported Bonds', June 14, 2013 . Applicable Criteria and Related Research : U.S. Municipal Structured Finance Criteria http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=701570 Rating Guidelines for Letter of Credit-Supported Bonds http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=710476 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 MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Fitch Ratings Primary Analyst Joseph Staffa Senior Director +1-212- 908-0829 Fitch Ratings, Inc. One State Street Plaza New York, NY 10004 or Secondary Analyst Mario Civico Senior Director +1-212-908-0796 or Committee Chairperson Trudy Zibit Managing Director +1-212-908-0689 or Media Relations: Elizabeth Fogerty , +1-212-908-0526 ( New York ) elizabeth.fogerty@fitchratings.com Source: Fitch Ratings


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