Fitch Affirms Peconic Landing at Southold, Inc. (NY) Revs at 'BBB-'; Outlook Stable
NEW YORK--(BUSINESS WIRE)--Fitch Ratings has affirmed the 'BBB-' rating on the following bonds
issued on behalf of Peconic Landing at Southold, Inc. (Peconic):
--$20,415,000 Southold Local Development Corporation Revenue Bonds,
Series 2015 (Peconic Landing at Southold, Inc. Project)
--$28,825,000 Suffolk County Economic Development Corporation revenue
refunding bonds series 2010 (Peconic Landing at Southold, Inc. project)
The Rating Outlook is Stable.
SECURITY
Gross revenue pledge, mortgage interest on the land and all buildings
except the ILU/Co-op units and a debt service reserve fund.
KEY RATING DRIVERS
PROJECTS RAMPING UP: Peconic finished construction on a large expansion
project in April 2016. The project added 46 independent living (IL)
apartments, 16 memory care units, and 16 skilled nursing beds. The new
units are currently filling up, with 28 of the 46 IL units filled as of
Oct. 31, 2016 and four more expected to close in November. Peconic is on
schedule to pay off a $16.5 million short-term construction loan by June
30, 2017, which would eliminate a material credit concern.
SOFTER PERFORMANCE DURING CONSTRUCTION: Peconic's operating performance
weakened during the construction period, with the operating ratio rising
to 98.6% in 2015, after averaging 92.1% over the prior three audited
years, and rising above 100% in the six month interim period. However,
the softening in performance is not expected to continue as the
completed projects come on line over the next year, which should add
revenue from the projects coming on line over the next year.
GOOD MTI COVERAGE: Debt service coverage per the MTI covenant
calculation was good at 1.9x in 2015. That calculation uses debt service
of $2.1 million and does not include the debt issued in 2015 for the
construction project. Maximum annual debt service (MADS) that includes
the 2015 debt is $3.6 million, and Peconic covered that at 1.2x in 2015
and 1.3x in the six month 2016 interim period. Peconic will not be
tested on the new MADS until the IL units reach stable occupancy, which
is expected in 2017. Fitch expects the additional revenue from new units
to raise Peconic's coverage closer to the 2x median once stabilization
is reached.
STABLE LIQUIDITY: Unrestricted cash and investment have remained stable
through the two year construction period. Peconic had $28.9 million in
unrestricted cash and investments as of June 30, 2016, which equated to
423 days cash on hand and 64.1% cash to debt, both of which compare well
to Fitch's 'BBB' category medians of 425 days and 57.4%.
ADDITIONAL CREDIT STRENGTHS: Peconic has limited competition in a very
good service area, and benefits from a large and attractive campus,
which includes a private beach, located on the North Fork of eastern
Long Island. This has supported a good demand for services with IL
occupancy averaging 95% over the last four audited years. The state of
New York recently approved Peconic to begin to offer a Type 'C'
contract. Fitch views this addition as a credit positive, increasing the
pool of potential residents to whom Peconic can market.
RATING SENSITIVITIES
POST FILL UP PERFORMANCE: Peconic Landing at Southold, Inc. (Peconic)
should have another soft year of performance in 2016, but performance
should improve in 2017 as occupancy on the new independent living units
reaches stabilization.
MEDIUM-TERM MOMENTUM: Once Peconic pays down the short-term construction
loan and IL occupancy stabilizes, an improvement in Peconic's coverage
to Fitch's 'BBB' median, coupled with its already solid balance sheet,
could lead to positive rating pressure over the two to three year time
period.
CREDIT PROFILE
Peconic is located on the North Fork of Long Island and consists of 109
single-story cottages, 187 apartments, 26 enriched housing units
(assisted living units), 16 memory care units, and 60 skilled nursing
beds. In 2015, Peconic had total operating revenue of $23.9 million.
Capital Project Update
Peconic completed a major repositioning and expansion project, with the
first residents moving into the new IL apartments in April. Even with a
small delay due to the harsh winter of 2015, the project came in largely
on time and was under budget. The project added 46 IL apartments, 16
memory care units, and 16 skilled nursing beds.
As of Oct. 31, 2016, 28 of the 46 IL apartments have been occupied, with
three more closings scheduled for early November; 11 of the 16 memory
care units are occupied; 21 of 26 assisted living units are occupied,
with three move-ins scheduled by December; and 54 of the 60 skilled
nursing beds are occupied.
Peconic has a $16.5 million short-term bank construction loan, which it
plans to pay off with the new IL entrance fee receipts by June 2017.
Fitch notes as a positive the strong early trajectory of move-ins. In
addition, the remaining stock of new IL apartments haven been reserved
and there is a waitlist of eight for those apartments. The waitlist for
Perconic's current stock of IL cottages and apartments at 100
prospective residents remains good as well.
Separately, Fitch notes that Peconic recently received approval from the
state of New York to add a Type 'C' contract to its current Type 'A'
contract offerings. Peconic has a new marketing plan in place for the
contract that it plans to roll out over the next few months. Fitch views
the Type 'C' contract as a credit positive, believing it will help
expand the pool of potential residents, especially those interested in
the cottages, which generally attract younger seniors who are better
suited for the Type 'C' contract.
Debt Structure/Debt Burden
All of Peconic's long-term debt is fixed. The short-term construction
loan, which is with Citizen's Bank, is floating rate. The operating
covenants provided to the bank are not materially different from the
covenants provided to the series 2015 bondholders. In addition, Peconic
has a strong liquidity position relative to the debt it needs to pay
down.
Debt metrics show Peconic's debt levels as elevated. At June 30, 2016,
MADS as a percent of revenue of 14.8% and debt to net available of 9.2x
were above the category medians of 12.7% and 6.3x. However, Fitch
expects these figures to moderate as the debt amortizes and the projects
are finished and come online, which will provide additional revenue and
operating income.
Disclosure
Peconic covenants to provide to the Municipal Securities Rulemaking
Board's Electronic Municipal Market Access System (EMMA) audited
financial statements within 120 days after the end of each fiscal year
and quarterly financials within 45 days after the end of each quarter.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria
Not-for-Profit Continuing Care Retirement Communities Rating Criteria
(pub. 04 Aug 2015)
https://www.fitchratings.com/site/re/868824
Revenue-Supported Rating Criteria (pub. 16 Jun 2014)
https://www.fitchratings.com/site/re/750012
Additional Disclosures
Dodd-Frank Rating Information Disclosure Form
https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=1014374
Solicitation Status
https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1014374
Endorsement Policy
https://www.fitchratings.com/regulatory
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND
DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING
THIS LINK: HTTPS://WWW.FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS.
IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE
AVAILABLE ON THE AGENCY'S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM.
PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS
SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS
OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES
AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF
THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE
RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR
RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY
CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH
WEBSITE.
Copyright � 2016 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its
subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone:
1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or
retransmission in whole or in part is prohibited except by permission.
All rights reserved. In issuing and maintaining its ratings and in
making other reports (including forecast information), Fitch relies on
factual information it receives from issuers and underwriters and from
other sources Fitch believes to be credible. Fitch conducts a reasonable
investigation of the factual information relied upon by it in accordance
with its ratings methodology, and obtains reasonable verification of
that information from independent sources, to the extent such sources
are available for a given security or in a given jurisdiction. The
manner of Fitch's factual investigation and the scope of the third-party
verification it obtains will vary depending on the nature of the rated
security and its issuer, the requirements and practices in the
jurisdiction in which the rated security is offered and sold and/or the
issuer is located, the availability and nature of relevant public
information, access to the management of the issuer and its advisers,
the availability of pre-existing third-party verifications such as audit
reports, agreed-upon procedures letters, appraisals, actuarial reports,
engineering reports, legal opinions and other reports provided by third
parties, the availability of independent and competent third- party
verification sources with respect to the particular security or in the
particular jurisdiction of the issuer, and a variety of other factors.
Users of Fitch's ratings and reports should understand that neither an
enhanced factual investigation nor any third-party verification can
ensure that all of the information Fitch relies on in connection with a
rating or a report will be accurate and complete. Ultimately, the issuer
and its advisers are responsible for the accuracy of the information
they provide to Fitch and to the market in offering documents and other
reports. In issuing its ratings and its reports, Fitch must rely on the
work of experts, including independent auditors with respect to
financial statements and attorneys with respect to legal and tax
matters. Further, ratings and forecasts of financial and other
information are inherently forward-looking and embody assumptions and
predictions about future events that by their nature cannot be verified
as facts. As a result, despite any verification of current facts,
ratings and forecasts can be affected by future events or conditions
that were not anticipated at the time a rating or forecast was issued or
affirmed.
The information in this report is provided "as is" without any
representation or warranty of any kind, and Fitch does not represent or
warrant that the report or any of its contents will meet any of the
requirements of a recipient of the report. A Fitch rating is an opinion
as to the creditworthiness of a security. This opinion and reports made
by Fitch are based on established criteria and methodologies that Fitch
is continuously evaluating and updating. Therefore, ratings and reports
are the collective work product of Fitch and no individual, or group of
individuals, is solely responsible for a rating or a report. The rating
does not address the risk of loss due to risks other than credit risk,
unless such risk is specifically mentioned. Fitch is not engaged in the
offer or sale of any security. All Fitch reports have shared authorship.
Individuals identified in a Fitch report were involved in, but are not
solely responsible for, the opinions stated therein. The individuals are
named for contact purposes only. A report providing a Fitch rating is
neither a prospectus nor a substitute for the information assembled,
verified and presented to investors by the issuer and its agents in
connection with the sale of the securities. Ratings may be changed or
withdrawn at any time for any reason in the sole discretion of Fitch.
Fitch does not provide investment advice of any sort. Ratings are not a
recommendation to buy, sell, or hold any security. Ratings do not
comment on the adequacy of market price, the suitability of any security
for a particular investor, or the tax-exempt nature or taxability of
payments made in respect to any security. Fitch receives fees from
issuers, insurers, guarantors, other obligors, and underwriters for
rating securities. Such fees generally vary from US$1,000 to US$750,000
(or the applicable currency equivalent) per issue. In certain cases,
Fitch will rate all or a number of issues issued by a particular issuer,
or insured or guaranteed by a particular insurer or guarantor, for a
single annual fee. Such fees are expected to vary from US$10,000 to
US$1,500,000 (or the applicable currency equivalent). The assignment,
publication, or dissemination of a rating by Fitch shall not constitute
a consent by Fitch to use its name as an expert in connection with any
registration statement filed under the United States securities laws,
the Financial Services and Markets Act of 2000 of the United Kingdom, or
the securities laws of any particular jurisdiction. Due to the relative
efficiency of electronic publishing and distribution, Fitch research may
be available to electronic subscribers up to three days earlier than to
print subscribers.
For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia
Pty Ltd holds an Australian financial services license (AFS license no.
337123) which authorizes it to provide credit ratings to wholesale
clients only. Credit ratings information published by Fitch is not
intended to be used by persons who are retail clients within the meaning
of the Corporations Act 2001
http://www.businesswire.com/news/home/20161104006076/en/Fitch-Affirms-Peconic-Landing-Southold-NY-Revs
issued on behalf of Peconic Landing at Southold, Inc. (Peconic):
--$20,415,000 Southold Local Development Corporation Revenue Bonds,
Series 2015 (Peconic Landing at Southold, Inc. Project)
--$28,825,000 Suffolk County Economic Development Corporation revenue
refunding bonds series 2010 (Peconic Landing at Southold, Inc. project)
The Rating Outlook is Stable.
SECURITY
Gross revenue pledge, mortgage interest on the land and all buildings
except the ILU/Co-op units and a debt service reserve fund.
KEY RATING DRIVERS
PROJECTS RAMPING UP: Peconic finished construction on a large expansion
project in April 2016. The project added 46 independent living (IL)
apartments, 16 memory care units, and 16 skilled nursing beds. The new
units are currently filling up, with 28 of the 46 IL units filled as of
Oct. 31, 2016 and four more expected to close in November. Peconic is on
schedule to pay off a $16.5 million short-term construction loan by June
30, 2017, which would eliminate a material credit concern.
SOFTER PERFORMANCE DURING CONSTRUCTION: Peconic's operating performance
weakened during the construction period, with the operating ratio rising
to 98.6% in 2015, after averaging 92.1% over the prior three audited
years, and rising above 100% in the six month interim period. However,
the softening in performance is not expected to continue as the
completed projects come on line over the next year, which should add
revenue from the projects coming on line over the next year.
GOOD MTI COVERAGE: Debt service coverage per the MTI covenant
calculation was good at 1.9x in 2015. That calculation uses debt service
of $2.1 million and does not include the debt issued in 2015 for the
construction project. Maximum annual debt service (MADS) that includes
the 2015 debt is $3.6 million, and Peconic covered that at 1.2x in 2015
and 1.3x in the six month 2016 interim period. Peconic will not be
tested on the new MADS until the IL units reach stable occupancy, which
is expected in 2017. Fitch expects the additional revenue from new units
to raise Peconic's coverage closer to the 2x median once stabilization
is reached.
STABLE LIQUIDITY: Unrestricted cash and investment have remained stable
through the two year construction period. Peconic had $28.9 million in
unrestricted cash and investments as of June 30, 2016, which equated to
423 days cash on hand and 64.1% cash to debt, both of which compare well
to Fitch's 'BBB' category medians of 425 days and 57.4%.
ADDITIONAL CREDIT STRENGTHS: Peconic has limited competition in a very
good service area, and benefits from a large and attractive campus,
which includes a private beach, located on the North Fork of eastern
Long Island. This has supported a good demand for services with IL
occupancy averaging 95% over the last four audited years. The state of
New York recently approved Peconic to begin to offer a Type 'C'
contract. Fitch views this addition as a credit positive, increasing the
pool of potential residents to whom Peconic can market.
RATING SENSITIVITIES
POST FILL UP PERFORMANCE: Peconic Landing at Southold, Inc. (Peconic)
should have another soft year of performance in 2016, but performance
should improve in 2017 as occupancy on the new independent living units
reaches stabilization.
MEDIUM-TERM MOMENTUM: Once Peconic pays down the short-term construction
loan and IL occupancy stabilizes, an improvement in Peconic's coverage
to Fitch's 'BBB' median, coupled with its already solid balance sheet,
could lead to positive rating pressure over the two to three year time
period.
CREDIT PROFILE
Peconic is located on the North Fork of Long Island and consists of 109
single-story cottages, 187 apartments, 26 enriched housing units
(assisted living units), 16 memory care units, and 60 skilled nursing
beds. In 2015, Peconic had total operating revenue of $23.9 million.
Capital Project Update
Peconic completed a major repositioning and expansion project, with the
first residents moving into the new IL apartments in April. Even with a
small delay due to the harsh winter of 2015, the project came in largely
on time and was under budget. The project added 46 IL apartments, 16
memory care units, and 16 skilled nursing beds.
As of Oct. 31, 2016, 28 of the 46 IL apartments have been occupied, with
three more closings scheduled for early November; 11 of the 16 memory
care units are occupied; 21 of 26 assisted living units are occupied,
with three move-ins scheduled by December; and 54 of the 60 skilled
nursing beds are occupied.
Peconic has a $16.5 million short-term bank construction loan, which it
plans to pay off with the new IL entrance fee receipts by June 2017.
Fitch notes as a positive the strong early trajectory of move-ins. In
addition, the remaining stock of new IL apartments haven been reserved
and there is a waitlist of eight for those apartments. The waitlist for
Perconic's current stock of IL cottages and apartments at 100
prospective residents remains good as well.
Separately, Fitch notes that Peconic recently received approval from the
state of New York to add a Type 'C' contract to its current Type 'A'
contract offerings. Peconic has a new marketing plan in place for the
contract that it plans to roll out over the next few months. Fitch views
the Type 'C' contract as a credit positive, believing it will help
expand the pool of potential residents, especially those interested in
the cottages, which generally attract younger seniors who are better
suited for the Type 'C' contract.
Debt Structure/Debt Burden
All of Peconic's long-term debt is fixed. The short-term construction
loan, which is with Citizen's Bank, is floating rate. The operating
covenants provided to the bank are not materially different from the
covenants provided to the series 2015 bondholders. In addition, Peconic
has a strong liquidity position relative to the debt it needs to pay
down.
Debt metrics show Peconic's debt levels as elevated. At June 30, 2016,
MADS as a percent of revenue of 14.8% and debt to net available of 9.2x
were above the category medians of 12.7% and 6.3x. However, Fitch
expects these figures to moderate as the debt amortizes and the projects
are finished and come online, which will provide additional revenue and
operating income.
Disclosure
Peconic covenants to provide to the Municipal Securities Rulemaking
Board's Electronic Municipal Market Access System (EMMA) audited
financial statements within 120 days after the end of each fiscal year
and quarterly financials within 45 days after the end of each quarter.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria
Not-for-Profit Continuing Care Retirement Communities Rating Criteria
(pub. 04 Aug 2015)
https://www.fitchratings.com/site/re/868824
Revenue-Supported Rating Criteria (pub. 16 Jun 2014)
https://www.fitchratings.com/site/re/750012
Additional Disclosures
Dodd-Frank Rating Information Disclosure Form
https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=1014374
Solicitation Status
https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1014374
Endorsement Policy
https://www.fitchratings.com/regulatory
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND
DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING
THIS LINK: HTTPS://WWW.FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS.
IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE
AVAILABLE ON THE AGENCY'S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM.
PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS
SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS
OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES
AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF
THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE
RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR
RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY
CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH
WEBSITE.
Copyright � 2016 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its
subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone:
1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or
retransmission in whole or in part is prohibited except by permission.
All rights reserved. In issuing and maintaining its ratings and in
making other reports (including forecast information), Fitch relies on
factual information it receives from issuers and underwriters and from
other sources Fitch believes to be credible. Fitch conducts a reasonable
investigation of the factual information relied upon by it in accordance
with its ratings methodology, and obtains reasonable verification of
that information from independent sources, to the extent such sources
are available for a given security or in a given jurisdiction. The
manner of Fitch's factual investigation and the scope of the third-party
verification it obtains will vary depending on the nature of the rated
security and its issuer, the requirements and practices in the
jurisdiction in which the rated security is offered and sold and/or the
issuer is located, the availability and nature of relevant public
information, access to the management of the issuer and its advisers,
the availability of pre-existing third-party verifications such as audit
reports, agreed-upon procedures letters, appraisals, actuarial reports,
engineering reports, legal opinions and other reports provided by third
parties, the availability of independent and competent third- party
verification sources with respect to the particular security or in the
particular jurisdiction of the issuer, and a variety of other factors.
Users of Fitch's ratings and reports should understand that neither an
enhanced factual investigation nor any third-party verification can
ensure that all of the information Fitch relies on in connection with a
rating or a report will be accurate and complete. Ultimately, the issuer
and its advisers are responsible for the accuracy of the information
they provide to Fitch and to the market in offering documents and other
reports. In issuing its ratings and its reports, Fitch must rely on the
work of experts, including independent auditors with respect to
financial statements and attorneys with respect to legal and tax
matters. Further, ratings and forecasts of financial and other
information are inherently forward-looking and embody assumptions and
predictions about future events that by their nature cannot be verified
as facts. As a result, despite any verification of current facts,
ratings and forecasts can be affected by future events or conditions
that were not anticipated at the time a rating or forecast was issued or
affirmed.
The information in this report is provided "as is" without any
representation or warranty of any kind, and Fitch does not represent or
warrant that the report or any of its contents will meet any of the
requirements of a recipient of the report. A Fitch rating is an opinion
as to the creditworthiness of a security. This opinion and reports made
by Fitch are based on established criteria and methodologies that Fitch
is continuously evaluating and updating. Therefore, ratings and reports
are the collective work product of Fitch and no individual, or group of
individuals, is solely responsible for a rating or a report. The rating
does not address the risk of loss due to risks other than credit risk,
unless such risk is specifically mentioned. Fitch is not engaged in the
offer or sale of any security. All Fitch reports have shared authorship.
Individuals identified in a Fitch report were involved in, but are not
solely responsible for, the opinions stated therein. The individuals are
named for contact purposes only. A report providing a Fitch rating is
neither a prospectus nor a substitute for the information assembled,
verified and presented to investors by the issuer and its agents in
connection with the sale of the securities. Ratings may be changed or
withdrawn at any time for any reason in the sole discretion of Fitch.
Fitch does not provide investment advice of any sort. Ratings are not a
recommendation to buy, sell, or hold any security. Ratings do not
comment on the adequacy of market price, the suitability of any security
for a particular investor, or the tax-exempt nature or taxability of
payments made in respect to any security. Fitch receives fees from
issuers, insurers, guarantors, other obligors, and underwriters for
rating securities. Such fees generally vary from US$1,000 to US$750,000
(or the applicable currency equivalent) per issue. In certain cases,
Fitch will rate all or a number of issues issued by a particular issuer,
or insured or guaranteed by a particular insurer or guarantor, for a
single annual fee. Such fees are expected to vary from US$10,000 to
US$1,500,000 (or the applicable currency equivalent). The assignment,
publication, or dissemination of a rating by Fitch shall not constitute
a consent by Fitch to use its name as an expert in connection with any
registration statement filed under the United States securities laws,
the Financial Services and Markets Act of 2000 of the United Kingdom, or
the securities laws of any particular jurisdiction. Due to the relative
efficiency of electronic publishing and distribution, Fitch research may
be available to electronic subscribers up to three days earlier than to
print subscribers.
For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia
Pty Ltd holds an Australian financial services license (AFS license no.
337123) which authorizes it to provide credit ratings to wholesale
clients only. Credit ratings information published by Fitch is not
intended to be used by persons who are retail clients within the meaning
of the Corporations Act 2001
http://www.businesswire.com/news/home/20161104006076/en/Fitch-Affirms-Peconic-Landing-Southold-NY-Revs
