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Summary: Catholic Health East, Pennsylvania; System May 11

Description:
Abstract
Standard & Poor's Ratings Services revised its outlook to stable from negative on debt issued for Catholic Health East (CHE), Pa. by various issuers in seven states. At the same time, we affirmed our 'A' long-term rating and underlying rating 'A' (SPUR) on CHE's debt. The outlook change reflects our opinion that CHE has stabilized at the current rating level as management has addressed operations in three challenged markets identified last year, and also enhanced operating flexibility by increasing unrestricted cash and investments. The 'A' rating reflects our view of CHE's: Geographic and financial dispersion throughout the east coast and south; Actions to address underperforming ministries through the sale of Mercy Hospital in Miami, a turnaround at Our Lady of...

Companies mentioned in this report are:
- Catholic Health East

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.
Companies Mentioned
- Catholic Health East
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