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Announcement:

Moody's Affirms the Ratings of Two CTL Certificates of Sparks Regional Medical Center Lease, Series 2002

04 Jan 2013

Approximately $24.7 Million of Structured Securities Affected

New York, January 04, 2013 -- Moody's Investors Service (Moody's) affirmed the ratings of two certificates of Sparks Regional Medical Center Lease Certificates of Participation Series 2002 as follows:

Term certificates due June 15, 2017, Affirmed at B1 (sf); previously on Mar 31, 2010 Upgraded to B1 (sf)

Term certificates due June 15, 2022, Affirmed at B2 (sf); previously on Mar 31, 2010 Upgraded to B2 (sf)

RATINGS RATIONALE

The rating of the certificates due June 15, 2017 is affirmed at B1 (sf) based on the current rating of Health Management Associates, Inc. (HMA; Corporate Family Rating B1; stable outlook), which acquired substantially all of the assets of Sparks Regional Medical Center (Sparks), the original lessee of the facilities supporting the transaction. The second certificate is rated lower than HMA's rating because HMA's primary lease term expires prior to the final payment date of the second certificate and the balloon payment is guaranteed by a non-rated entity. The rating of this class is affirmed at B2 (sf).

The principal methodology used in this rating was "Commercial Real Estate Finance: Moody's Approach to Rating Credit Tenant Lease Financings" published in November 2011. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

There was no model used in the analysis of this transaction.

Moody's ratings are determined by a committee process that considers both quantitative and qualitative factors.

The rating action is a result of Moody's on-going surveillance of commercial mortgage backed securities (CMBS) transactions. Moody's prior full review is summarized in a press release dated February 9, 2012. Please see the ratings tab on the issuer / entity page on moodys.com for the last rating action and the ratings history.

DEAL PERFORMANCE

As of the January 3, 2013 remittance statement, the transaction's aggregate Certificate balance was $24.7 million compared to $37.2 million at securitization. The transaction currently consists of two Certificates which are due June 15, 2017 and June 15, 2022. The Certificates evidence proportionate undivided interests in 19 medical facilities which were originally leased to Sparks. On December 1, 2009, HMA acquired substantially all of Sparks assets, including the assignment of Sparks' interest under the lease supporting this transaction. The lease expires on June 30, 2017, subject to a five-year extension option.

The scheduled lease payments are sufficient to completely pay off the Certificate due June 2017. Because there still will be an outstanding balance for the Certificates due June 2022 at the end of the tenant's initial lease term, the transaction was structured with a residual value insurance policy issued by R.V.I. America Insurance Company (RVI). The policy is for $10,750,000, which is the principal amount of the Certificates due June 2022. On February 4, 2009, Moody's downgraded RVI's financial strength rating to Baa3 from A3 and subsequently withdrew the rating. The rating on the Certificates due June 2022 is notched down from HMA's rating due to the size of the loan balance at maturity relative to the value of the collateral assuming the existing tenant is no longer in occupancy (the "dark" value).

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt 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 relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant 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.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

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.

Dana Baranaskas
Associate Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Keith Banhazl
VP - Senior Credit Officer
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Affirms the Ratings of Two CTL Certificates of Sparks Regional Medical Center Lease, Series 2002
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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