CHICAGO--(BUSINESS WIRE)--

Fitch Ratings has assigned 'BBB+' ratings to the expected issuance of approximately $154.0 million Colorado Health Facilities Authority revenue and refunding bonds, series 2012A-C (Covenant Retirement Communities, Inc.). In addition, Fitch affirms the 'BBB+' rating on approximately $129.3 million of revenue bonds issued through one of the following issuing authorities on behalf of Covenant Retirement Communities:

--Colorado Health Facilities Authority;

--Illinois Health Facilities Authority;

--Golden Valley MN Housing & Redevelopment Authority;

--Plantation FL Health Facilities Authority;

--Connecticut Development Authority;

The Rating Outlook is Stable.

The series 2012 bonds are expected to be structured as fixed rate debt. Bond proceeds will be used to refund approximately $131.2 million of outstanding bonds, fund $20.0 million of various capital projects throughout the system, fund a debt service reserve fund and pay costs of issuance. The issue is expected to price the week of August 20th.

KEY RATING DRIVERS

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Fitch Rates Covenant Retirement Communities Ser 2012 Revs at 'BBB+'; Outlook Stable