Standard&Poor's Ratings Services assigned its 'AA/A-1+' rating to North Carolina Medical Care Commission's health care facility revenue bonds series 2009, issued on behalf of the Cornelia Nixon Davis Nursing Home Inc. Project, is based on an irrevocable direct-pay letter of credit (LOC) provided by Wachovia Bank N.A. (AA/A-1+). The LOC, which initially expires on Oct. 13, 2012, unless terminated earlier pursuant to its terms, covers the purchase price of tendered, but unremarketed, bonds as well as principal of and up to 51 days' interest calculated at the maximum rate of 12%. The bonds will initially be offered in the weekly mode, but may be converted to bear interest in the one-month, three-month, six-month, one-year, five-year, or fixed-rate modes.
