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Summary: Torrance, California Torrance Memorial Medical Center; Hospital; Joint Criteria Sep 11 Product Image

Summary: Torrance, California Torrance Memorial Medical Center; Hospital; Joint Criteria Sep 11

  • ID: 1887371
  • September 2011
  • Region: California
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services lowered its long-term rating and underlying rating (SPUR) to 'A' from 'A+' on Torrance, Calif.'s revenue bonds issued for Torrance Memorial Medical Center (TMMC). The outlook is stable. At the same time, Standard & Poor's affirmed its 'AAA/A-1' and 'AAA/A-1+ ratings on TMMC's series 2010B and 2010C variable-rate demand bonds (VRDBs), respectively. The long-term components of the ratings are based jointly (assuming low correlation) on TMMC's SPUR and the rating of the letter of credit (LOC) provider while the short-term components of the ratings are based solely on the short-term rating of the LOC provider. The LOC provider for the series 2010B bonds is Citibank (A+/A-1), and the LOC provider for the series 2010C bonds...

Companies mentioned in this report are: Torrance Mem Hosp Med Ctr,Torrance
Action: Downgraded
Action: Outlook: Stable

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