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North Carolina Medical Care Commission -- Moody's assigns #Aaa to various maturities of the refunded North Carolina Medical Care Commission Health Care Facilities Revenue Refunding Bonds (Cape Fear Valley Health System), Series 2012A

·12 min read

Rating Action: Moody's assigns #Aaa to various maturities of the refunded North Carolina Medical Care Commission Health Care Facilities Revenue Refunding Bonds (Cape Fear Valley Health System), Series 2012AGlobal Credit Research - 19 Feb 2021New York, February 19, 2021 -- Moody's Investors Service has assigned #Aaa ratings to various maturities of refunded North Carolina Medical Care Commission Health Care Facilities Revenue Refunding Bonds (Cape Fear Valley Health System), Series 2012A. This rating action affects approximately $58.890M of debt refunded pursuant to the November 10, 2020 escrow deposit agreement.RATINGS RATIONALEThe #Aaa rating is primarily based on the secure structure of the escrow, and permitted investments. Permitted investments consist of direct, non-callable obligations of the United States of America consisting of United States Treasury Securities, State and Local Government Securities, Time Deposit ("SLGS"). Initial investment securities consist of SLGS.Any substitution of securities held in the escrow, or reinvestment of cash balances requires an updated verification report performed by a CPA, certifying that sufficient funds will remain to pay principal and interest due on the bonds until maturity.RATING OUTLOOKNot applicable.FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGSNot applicable.FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGSDowngrade of counterparties or investment providers which is not expected over the near term.LEGAL SECURITYThe escrow agent is allowed to disburse surplus moneys only upon obtaining an updated verification report demonstrating that the remaining escrow funds will provide sufficient moneys without further reinvestment to pay debt service on the refunded bonds. The sufficiency of the initial investment to provide full and timely debt service payment has been verified by Bingham Arbitrage Rebate Services Inc.PROFILEThe following CUSIPs are affected by this rating assignment:Principal amount of $250,000 escrowed until October 1, 2021. CUSIP affected is 65821DPG0.Principal amount of $8,610,000 escrowed until October 1, 2021. CUSIP affected is 65821DPV7.Principal amount of $50,000 escrowed until October 1, 2022. CUSIP affected is 65821DPH8.Principal amount of $9,255,000 escrowed until October 1, 2022. CUSIP affected is 65821DPW5.Principal amount of $9,785,000 escrowed until October 1, 2022. CUSIP affected is 65821DPJ4.Principal amount of $2,390,000 escrowed until October 1, 2022. CUSIP affected is 65821DPK1.Principal amount of $2,200,000 escrowed until October 1, 2022. CUSIP affected is 65821DPL9.Principal amount of $2,300,000 escrowed until October 1, 2022. CUSIP affected is 65821DPM7.Principal amount of $2,375,000 escrowed until October 1, 2022. CUSIP affected is 65821DPN5.Principal amount of $13,605,000 escrowed until October 1, 2022. CUSIP affected is 65821DPX3.Principal amount of $3,070,000 escrowed until October 1, 2022. CUSIP affected is 65821DPP0.METHODOLOGYThe principal methodology used in these ratings was Pre-refunded and Escrow-backed Transactions Methodology published in August 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBM_1227034. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.REGULATORY DISCLOSURESFor further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1243406.Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating. David Parsons Lead Analyst Housing Moody's Investors Service, Inc. 7 World Trade Center 250 Greenwich Street New York 10007 US JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Ferdinand Perrault Additional Contact Housing JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Releasing Office: Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 © 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. 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