Summary: Kent Hospital Finance Authority, Michigan Spectrum Health System; Joint Criteria; System May 11

Standard & Poors, May 2011

Abstract
Standard & Poor's Ratings Services revised its rating outlook to negative from stable on the Kent Hospital Finance Authority, Mich.'s series 1998A, 2005B, 2008A, 2008B, and 2008C bonds. Standard & Poor's also assigned its 'AA' long-term rating to the authority's $100 million series 2011A hospital revenue and refunding bonds. At the same time, Standard & Poor's affirmed its 'AA' long-term rating and underlying rating (SPUR) on the authority's series 1998A, 2005B, 2008A, 2008B, and 2008C bonds, its 'AAA/A-1+' rating on the authority's series 2008C revenue and refunding bonds, its 'AAA/A-2' rating on the authority's series 2008B-1 revenue and refunding bonds, its 'AA' rating on the authority's series 2008B-2 revenue and refunding bonds, and its 'AA/A-1+' rating on the authority's 2008B-3...

Companies mentioned in this report are: Spectrum Hlth Sys,Kent Hosp Fin Auth
Action: Affirmed
Action: New Rating
Action: Outlook: Negative

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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.

Spectrum Hlth Sys,Kent Hosp Fin Auth

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