Summary: South Carolina Jobs-Economic Development Authority Tuomey Healthcare System; Hospital Aug 11

Standard & Poors, August 2011

Abstract
Standard & Poor's Ratings Services has affirmed its 'BBB' underlying rating (SPUR) on the series 2006 bonds issued by South Carolina Jobs-Economic Development Authority for Tuomey Healthcare System. The outlook remains developing. Standard & Poor's lowered its rating on Tuomey Healthcare to 'BBB' from 'BBB+' in August of 2010 after Tuomey withdrew $50 million from its unrestricted cash reserves in accordance with a federal judge ruling. The judge ordered Tuomey to deposit the funds into an escrow account pending an appeal of a decision that the organization violated Stark Law. The court has scheduled arguments on the appeal in the fall of 2011. However, while balance sheet and liquidity risk remain, Tuomey reported good operating and excess margins through fiscal...

Companies mentioned in this report are: Tuomey Healthcare Sys,South Carolina Jobs Econ Dev Auth
Action: Affirmed
Action: Outlook: Stable

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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.

Tuomey Healthcare Sys,South Carolina Jobs Econ Dev Auth

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