Wells Fargo Bank Deposit Machine

Fitch Withdraws ‘A’ Rating on Rogue Valley Manor (OR) Series 2012B Revs.

CHICAGO —
Fitch Ratings

An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris.
 withdraws its ‘A’ rating on the
Medford Hospital Facilities Authority, Oregon’s revenue refunding
bonds, series 2012B, issued on behalf of Rogue Valley Manor (
RVM

RVM Royal Victorian Medal
RVM Routing Vector Method
).

SENSITIVITY/RATING DRIVERS

The rating withdrawal is a result of a delay in the bonds’
issuance. RVM expects to issue debt within the next month, at which time
Fitch will assign a rating to the series 2013 bonds.

The following outstanding debt remains on Rating Watch Negative:

–Approximately $60.9 million series 2007* variable rate bonds
issued on behalf of RVM;

–Approximately $45.2 million series 2012 variable rate demand bonds
issued on behalf of RVM privately placed with Wells Fargo.

*Letter of Credit provided by
Bank of America

Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world.
 Merrill Lynch, which
Fitch was not asked to rate.

Additional information is available at
‘www.fitchratings.com’. The ratings above were solicited by,
or on behalf of, the issuer, and therefore, Fitch has been compensated
for the provision of the ratings.

Additional information was provided by Cain Brothers, the
underwriter.

Applicable Criteria and Related Research:

–‘Revenue-Supported Rating Criteria’ (June 12, 2012);

–‘Rating Guidelines for Nonprofit Continuing Care Retirement
Communities’ (July 12, 2012).

Applicable Criteria and Related Research:

Revenue-Supported Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=681015

Rating Guidelines for Nonprofit Continuing Care Retirement
Communities

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=40171

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