Fitch Ratings assigns a 'AAApre', Negative Outlook rating to the
Washington Health Care Facilities Authority ("Authority") Revenue Bonds
(Swedish Health Services), consisting of $100,000,000 series 2009A and
$175,000,000 series 2011A. The bonds were refunded on July 19, 2012 with
proceeds of the Authority's Revenue Bonds (Providence Health & Services)
Series 2012A, 2012B, 2012C, 2012D, proceeds of Providence Health &
Services Obligated Group Direct Obligation Notes, Series 2012 and funds
held by the trustee for the refunded bonds. The escrow agent, Bank of
New York Mellon Trust Company, N.A., holds separate accounts, within an
irrevocable escrow fund, in trust for the benefit of the 2009A and 2011A
refunded bondholders. All funds and securities held in the escrow fund
are pledged to the payment of principal and interest on the refunded
bonds, when due upon maturity or early redemption. The 'AAApre',
Negative Outlook rating reflects this pledge and that all funds have
been invested in direct non-callable obligations of the United States
("government obligations"). Any future substitute or reinvestment
securities are also limited to government obligations.
Grant Thornton verified the mathematical accuracy of computations
relating to the sufficiency of receipts from initial investments and
cash deposited to pay debt service requirements of the refunded bonds.
These computations were contained in schedules provided to them by
Merrill Lynch, Pierce, Fenner & Smith, Incorporated, underwriter for the
refunding bonds. According to the Grant Thornton verification report,
receipts from the securities and cash deposited will be sufficient to
pay principal and interest on the refunded bonds to and at maturity or
earlier redemption. Prior to substituting or reinvesting in government
obligations or disbursing funds to the Authority, the escrow agent must
receive a new report from certified public accountants verifying the
continued sufficiency of escrowed funds to meet all future payments of
principal and interest on the refunded bonds.
The 'AAApre' rating applies to the bonds with the following CUSIP
numbers:
93978E3K6
93978E3L4
93978HAY1
93978HAZ8
93978HBA2
93978HBB0
93978HBC8
93978HBD6
93978HBE4
93978HBF1
93978HBG9
93978HBH7
93978HBL8
93978HBM6
93978HBJ3
93978HBN4
93978HBK0
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:
--'U.S. Municipal Structured Finance Criteria', Feb. 28, 2012,
--'Guidelines for Rating Pre-Refunded Municipal Bonds', December 14, 2011
Applicable Criteria and Related Research:
U.S. Municipal Structured Finance Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=672570
Guidelines for Rating Prerefunded U.S. Municipal Bonds
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=659931
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