Summary: Massachusetts Development Finance Agency Winchester Hospital; Hospital Aug 11

Standard & Poors, August 2011

Abstract
Standard & Poor's Ratings Services has affirmed its 'BBB+' long-term rating to the $79.5 million series 2010H revenue bonds issued by Massachusetts Development Finance Agency for Winchester Hospital. The outlook remains stable. The 'BBB+' rating reflects our view of Winchester's leading, but not dominant, business position within the primary service area of suburban Boston, and a sound overall financial profile highlighted by a record of increasingly profitable operations. Additional rating factors include our assessment of the hospital's: Maintenance of leading market share within the very competitive primary service area of northwest suburban Boston; Consistently positive system operating profitability; Increasing patient volumes in fiscal 2010; and Solid balance sheet metrics that are consistent with the rating. In our opinion, partially offsetting...

Companies mentioned in this report are:
- Winchester Hosp
- Massachusetts Development Finance Agency

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.

- Winchester Hosp
- Massachusetts Development Finance Agency

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