California Health Facilities Finance Authority Lubbock, Texas St. Joseph Health System; Joint Criteria; System Jun 11

Standard & Poors, June 2011

Abstract
Standard & Poor's Ratings Services assigned its 'AA-' long-term rating to Lubbock, Texas series 2008B, which will be converted to fixed rate. At the same time, we affirmed our 'AA-' long-term and underlying ratings (SPUR) on St. Joseph Health System, Calif.'s outstanding debt, issued by various issuers. St. Joseph's expects to issue $300 million in the next month, which we plan to rate at the time of issuance, but we have incorporated the additional debt into this analysis. The rating affirmation reflects our view of the system's: Good revenue growth and solid operating results through March 31, 2011; Sound cash flow and robust pro forma maximum annual debt service (MADS) coverage (inclusive of the $300 million in additional debt service);...

Companies mentioned in this report are:
- St. Joseph Hlth Sys
- Lubbock
- California Hlth Facs Fin Auth

Action: Affirmed

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.

Research Type: Full Analysis

- St. Joseph Hlth Sys
- Lubbock
- California Hlth Facs Fin Auth

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