Short-Term Rating Raised To 'A-1+' On Series E Bonds For Kent School Corp., CT Upon Defeasance

SAN FRANCISCO (Standard&Poor's) March 27, 2013--Standard&Poor's Ratings Services raised its short-term rating to 'A-1+' from 'A-1' on Connecticut Health&Educational Facilities Authority's series E variable-rate demand revenue bonds, due July 1, 2030, issued on behalf of Kent School Corp. (The) At the same time, we withdrew our long-term, 'AAA' rating and 'A' underlying rating (SPUR) on the bonds. The rating action is based on the defeasance of bonds through the deposit of cash in an escrow fund on Mar. 28, 2013. The bonds will be optionally redeemed in whole on May 1, 2013, at the redemption price of 100% plus accrued interest. The escrow agent is U.S. Bank N. A. Standard&Poor's has reviewed

...SAN FRANCISCO (Standard & Poor's) March 27, 2013--Standard & Poor's Ratings Services raised its short-term rating to 'A-1+' from 'A-1' on Connecticut Health & Educational Facilities Authority's series E variable-rate demand revenue bonds, due July 1, 2030, issued on behalf of Kent School Corp. (The) At the same time, we withdrew our long-term, '###' rating and 'A' underlying rating (SPUR) on the bonds. The rating action is based on the defeasance of bonds through the deposit of cash in an escrow fund on Mar. 28, 2013. The bonds will be optionally redeemed in whole on May 1, 2013, at the redemption price of 100% plus accrued interest. The escrow agent is U.S. Bank N. A. Standard & Poor's has reviewed a verification report prepared by an accounting firm certifying that the cash placed in escrow will produce the amounts necessary to provide for timely payment of debt payment on the bonds, and that the computations are mathematically correct. Related Criteria And Research + Criteria: Methodology...

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