Fitch cuts Deerfield Episcopal Retirement, rates bonds BBB+

Fitch Ratings said it assigned a BBB+ rating to the North Carolina Medical Care Commission's $99 million health care facilities first mortgage revenue bonds, series 2008A and 2008B, expected to be issued on behalf of Deerfield Episcopal Retirement Community.

In addition, Fitch said it downgraded Deerfield's outstanding debt to BBB+ from A-. The outlook is stable.

The series 2008 bonds are being issued to fund an expansion project as well as refund Deerfield's series 2004C variable-rate demand bonds.

Fitch said the rating downgrade reflects an increased debt burden associated with the series 2008 issuance.

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