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

Standard & Poors, September 2011

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

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.

Torrance Mem Hosp Med Ctr,Torrance

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