Summary: Maryland Health & Higher Educational Facilities Authority Greater Baltimore Medical Center; Hospital Feb 11

Standard & Poors, February 2011

Abstract
Standard & Poor's Ratings Services lowered its long term and underlying ratings to 'A' from 'A+' on Maryland Health & Higher Educational Facilities Authority's series 1993 and 2001 bonds, issued for Greater Baltimore Medical Center (GBMC), reflecting financial performance in fiscal 2011 that failed to meet our expectations and an overall credit profile more commensurate with an 'A' rating than an 'A+' rating. We also assigned our 'A' long-term rating and stable outlook to the authority's $69.1 million revenue refunding bonds series 2011, issued for GBMC. When we affirmed GBMC's 'A+' ratings in 2010, we noted that the key credit characteristics, while stable, left little flexibility at the 'A+' rating level for an unexpected decline in any key financial metric....

Companies mentioned in this report are:
- Greater Baltimore Med Ctr
- Maryland Hlth & Hgr Ed Facs Auth

Action: Downgraded
Action: New Rating
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.

- Greater Baltimore Med Ctr
- Maryland Hlth & Hgr Ed Facs Auth

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