Summary: New Hampshire Health & Education Facilities Authority Catholic Medical Center; Hospital Apr 11

Standard & Poors, April 2011

Abstract
Standard & Poor's Ratings Services has affirmed its 'BBB+' long-term rating on New Hampshire Health & Education Facilities Authority's (NH HEFA) $32.6 million series 2006 fixed-rate bonds, issued for Catholic Medical Center (CMC). In addition, Standard & Poor's affirmed its 'BBB+' long-term rating on CMC's $8.6 million series 2002A bonds. Credit factors that support the rating in our opinion include CMC's: Rebound in utilization through the first eight months of fiscal 2011 (period ended Feb. 28, 2011); Strong coverage of maximum annual debt service (MADS); and Continued liquidity growth. Partly offsetting credit considerations include CMC's: Weak financial operating results for the 2011 interim period; and Heavy competition in its local market. Earlier this year, CMC and Dartmouth Hitchcock Clinic in...

Companies mentioned in this report are:
- Catholic Med Ctr
- New Hampshire Hlth & Educl Facs Auth

Action: Affirmed
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Catholic Med Ctr
- New Hampshire Hlth & Educl Facs Auth

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