Fitch Rates $152.4MM Providence Health & Services' (WA) Series 2011A&C 'AA ... MarketWatch (press release)
SAN FRANCISCO, Oct 27, 2011 (BUSINESS WIRE) -- Fitch Ratings has assigned a long-term rating of 'AA' to the following bonds to be issued for the benefit of Providence Health & Services (PH&S)(WA):
--$127,555,000 Alaska Health Care Facilities Authority revenue bonds series 2011A;
--$24,800,000 Oregon Health Facilities revenue bonds series 2011C.
In addition, Fitch affirms the 'AA' long-term rating on approximately $1.9 billion in outstanding bonded debt and the 'F1+' short-term rating based on the self-liquidity provided by PH&S on approximately $200 million auction-rate bonds and the $194 million commercial paper program of the system.
The Rating Outlook is Stable.
The series 2011A and C bonds are expected to be issued as uninsured fixed-rate bonds and to sell the week of November 7 via negotiated sale. Bond proceeds will be used to refinance certain outstanding debt of the system, to fund the construction projects in Anchorage; and to pay the costs of issuance of the bonds.
Government Refinance Program is Revised
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In order to try to stem the tide of foreclosures, the Obama administration put a program together called the Homes Affordable Refinance Program (HARP) in 2009. The goal was to help Anchorage homeowners and others who were underwater on their home loans (ie, owed more than what their home was worth) and struggling to make their monthly mortgage payments due to a current financial hardship get through this rough time without losing their home in the process. Unfortunately, with the restrictions that were in place with the original HARP guidelines, not as many homeowners were helped as was hoped for. The administration recently announced that they have made some revisions to this government refinance program in an effort to help more homeowners.
In the original program, Anchorage homeowners couldn’t owe more than 125% of the value of their homes. This eliminated many people who bought their homes during the boom of a few years ago, when prices were rising at an alarming rate and before they began plummeting. Only properties that were the primary residence of the homeowners were allowed to try to refinance under HARP, which meant no investment properties were allowed. Also, homeowners were subject to certain fees when they converted their original 30 year mortgage loan into a shorter term (15 or 20 years mortgages). Homeowners had to pay for an appraisal when they wanted to refinance as well. The original program was set to end in June 2012.
With the new proposed plan, these restrictions are no longer in place. In order to qualify for the Homes Affordable Refinance Program under the current guidelines, Anchorage homeowners must:
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