OREANDA-NEWS.  Fitch Ratings has assigned a rating of 'AAApre/F1+' to the \\$3,740,000(principal amount outstanding, of \\$15,000,000 originally issued), New York City Industrial Development Agency civic facility variable rate revenue demand bonds, series 2002 (Planned Parenthood Federation of America, Inc.) which were refunded today. The Rating Outlook is Stable.

KEY RATING DRIVERS
The 'AAApre/F1+', Outlook Stable rating is based on the deposit of cash into an irrevocable trust fund securing the bonds and reflects the express lien of the refunded bondholders on such fund. Escrowed funds will be held uninvested by the Escrow Agent, The Bank of New York Mellon (rated 'AA/F1+', Outlook Stable). All refunded bonds will be redeemed on Sept. 1, 2015 at a price of par plus accrued interest.

Refunded bonds will remain in a weekly rate mode and bondholders retain the right to tender their bonds to the Escrow Agent upon requisite notice. The Escrow Agent will pay the purchase price of any tendered refunded bonds from the escrow fund. Tendered refunded bonds will not be remarketed, but will be canceled by the escrow agent. The escrow agent has no power to invest funds held in the escrow account.

Pursuant to an irrevocable letter of instructions and escrow agreement, the escrow agent will hold a separate special irrevocable trust fund for the benefit of the refunded bondholders. Proceeds of a draw on the irrevocable direct pay Bank of America, N.A. letter of credit (LOC) currently securing the bonds and from the sale of a condominium unit, improvements to which were originally financed with refunded bond proceeds, will be used to fund the escrow at full principal of bonds remaining outstanding plus interest at 10% (the maximum interest rate on the bonds) for the duration of the escrow. All cash held in the escrow fund is pledged irrevocably to the payment when due of interest on the refunded bonds and the payment of principal upon redemption.

Causey Demgen & Moore P.C. verified the mathematical accuracy of computations relating to the adequacy of cash deposited into the escrowed fund to pay debt service requirements of the refunded bonds. According to the Causey Demgen & Moore verification report, the cash deposited will produce amounts necessary for timely payment of the principal and interest on the refunded bonds, when due.

RATING SENSITIVITIES
The rating is exclusively based on the sufficiency and availability of cash deposited into an irrevocable trust fund to pay debt service and purchase price on the bonds and reflects the express lien of the refunded bondholders on such fund.