Summary: Turlock, California Emanuel Medical Center; Hospital May 11

Standard & Poors, May 2011

Abstract
Standard & Poor's Ratings Services affirmed its 'BBB' long-term rating on the City of Turlock, Calif.'s series 2007A and 2007B health facility certificates of participation (COPs) and series 2004A COPs, all issued for Emanuel Medical Center (EMC). The rating outlook is stable. The rating reflects our view of EMC's: Agreement with Kaiser Permanente (Kaiser) that ends in March 2013, though we believe EMC is making good progress toward reducing its reliance on the Kaiser volume in anticipation of the contract's termination; Debt-related balance sheet measures that are weaker than those of similarly rated hospitals, with 65.4% unrestricted cash and investments to debt and debt to capitalization of 47.5% at Jan. 31, 2011 (based on draft audited financials); and Fairly competitive...

Companies mentioned in this report are: Emanuel Med Ctr,Turlock
Action: Affirmed
Action: Outlook: Stable

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Emanuel Med Ctr,Turlock

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