Summary: South Carolina Jobs Economic Development Authority KershawHealth; Hospital Sep 11

Standard & Poors, September 2011

Abstract
Standard & Poor's Ratings Services affirmed its 'BBB' long-term rating on South Carolina Jobs Economic Development Authority, S.C.'s $19.6 million series 2008 hospital revenue bonds issued for KershawHealth. The outlook is stable. The affirmed rating supports our view of KershawHealth's solid balance sheet metrics for the rating level and a rebound in operating performance for the nine-month period ended June 30, 2011, following a challenging fiscal 2010 in which KershawHealth generated an operating deficit of approximately $1.7 million. Management implemented productivity, length-of-stay, supply cost, and other initiatives to help address the negative operating trend. In addition, the hospital has reduced its full-time equivalent (FTE) workforce by about 60 over the past 12 months through attrition and reductions in force. According...

Companies mentioned in this report are: KershawHealth,South Carolina Jobs Econ Dev Auth
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.

KershawHealth,South Carolina Jobs Econ Dev Auth

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