Fitch Ratings has assigned a long-term rating of 'A-' to approximately $29,630,000 of series 2015 revenue bonds to be issued by the City of Pompano Beach (the city), Florida on behalf of John Knox Village of Florida (JKV).
In addition, Fitch withdraws the 'A-' rating on the previously planned series 2014 issue by the Florida Development Finance Corporation on behalf of JKV as the sale was delayed and will now be sold as series 2015 revenue bonds to be issued by the city.
The Rating Outlook is Stable.
The series 2015 bonds are expected to be issued as fixed rate. Proceeds will be used to provide $29.6 million in project funds for a new healthcare center, fund a debt service reserve fund, and pay certain costs of issuance. The bonds are expected to sell the week of Jan. 26, 2015.
CREDIT PROFILE
JKV is a Type A continuing care retirement community located in Pompano Beach, FL, approximately eight miles north of downtown Fort Lauderdale with 729 independent living units, 64 assisted living units, and 155 skilled nursing beds. Operating revenues totaled $45.6 million in fiscal year ended Dec. 31, 2013.
Please see 'Fitch Rates John Knox Village (FL) Series 2014 Bonds Revs 'A-'; Outlook Stable' dated Nov. 4, 2014, available at 'www.fitchratings.com' for more information.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
--'Revenue Supported Rating Criteria' (June 16, 2014);
--'Not-for-profit Continuing Care Retirement Communities Rating Criteria'(July 24, 2014).
Applicable Criteria and Related Research:
Revenue-Supported Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=750012
Additional Disclosure
Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=967735
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