Fitch Rates Orange County Health Facilities Auth (Nemours Fndn) $100MM Ser 2009 B 'AA+/F1+'

Fitch Ratings has assigned a rating of 'AA+/F1+' to the Orange County Health Facilities Authority's $100,000,000 revenue bonds (The Nemours Foundation Project) series 2009B (the bonds). The long-term rating is based on the higher of the 'A+' rating assigned by Fitch to Bank of America, N.A. ('A+/F1+'), which provides the support of an irrevocable direct-pay letter of credit (LOC) to the bonds, and the 'AA+' underlying rating assigned by Fitch to the bonds (for more information on the underlying rating, see the Sept. 21, 2009 press release available at www.fitchratings.com).

The long-term rating reflects the obligation of Nemours under the legal structure to provide sufficient moneys to pay principal and interest payments when due in the event that the LOC bank fails to make any such payment when due. The short-term 'F1+' rating is based solely on the LOC.

The bank is obligated to make payments of principal and interest when due, as well as purchase price of tendered bonds. The rating will expire on the earliest of: Oct. 15, 2012, the initial stated expiration date of the LOC, unless otherwise extended; any prior termination of the LOC; or defeasance of the bonds. While the bonds bear interest in the daily and weekly rate modes, the LOC provides full and sufficient coverage of principal plus an amount equal to 35 days of interest computed at a maximum rate of 12% based on a year of 365 days, and purchase price for tendered bonds. The remarketing agent for the bonds is Morgan Stanley & Co. Incorporated. The bonds are expected to be delivered on or about Oct. 15, 2009.

The bonds will initially bear interest in a weekly rate mode, but may be subsequently converted to a daily, term, flexible, auction, or fixed rate mode. While bonds bear interest in the daily and weekly rate modes, interest is payable on the first business day of each month, commencing Nov. 2, 2009 and bondholders have the option to tender their bonds on any business day, with the requisite notice. The bonds are subject to mandatory tender upon the expiration, termination, or substitution of the LOC and upon conversion of the interest rate mode. The bonds are also subject to optional and mandatory redemptions.

Proceeds of the bonds will be used to finance a portion of the cost of the acquisition, construction, installation and equipping of a pediatric health care facility located in Orlando, FL.

Additional information is available at www.fitchratings.com.

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Contacts:

Fitch Ratings, New York
Trudy Zibit, [phone]
Mary Catherine Messner, [phone]
(for info on Nemours Foundation)
or
Brian Bertsch, [phone] (Media Relations)
[e-mail]
Sandro Scenga, [phone] (Media Relations)
[e-mail]